Current Issue : April-June Volume : 2023 Issue Number : 2 Articles : 5 Articles
This paper uses the super-efficient SBM-Malmquist-Tobit integrated model to measure the efficiency of financial science and technology inputs in the Xi’an metropolitan area from 2016 to 2020, explore the sources of inefficiency in each city in the circle, decompose the total factor productivity of financial science and technology inputs, and further explore the influencing factors of financial science and technology input efficiency. It is found that: 1) the efficiency of financial science and technology inputs in the Xi’an metropolitan area between 2016 and 2020 did not reach DEA, and there are evident and increasing gaps in efficiency among cities; 2) Xi’an has the highest efficiency level in the Xi’an metropolitan area and can play the leading role as a core city to be classified as a high-efficiency city. Xianyang, Tongchuan, and Yangling are mainly due to insufficient or redundant inputs, which can be classified as input inefficiency. In contrast, the inefficiency of Weinan is mainly influenced by insufficient outputs, which can be classified as output inefficiency; 3) The change in technical efficiency is the main reason for the change in total factor productivity in Xi’an Metropolitan Area. The direction of change between the two is the same, showing the characteristics of the mirror "N"-type change, first subtracting and then increasing; The Technological Progress Change Index maintained steady growth; 4) The ratio of personnel in scientific research institutions and the number of scientific research institutions, the proportion of total exports of high-tech products in GDP, and the proportion of patents granted all positively affect the efficiency of financial investment in science and technology. The summary is that as each indicator increases, efficiency grows. The R&D investment intensity and the fiscal share of science and technology will, to a certain extent, constrain the development of the efficiency of budgetary science and technology investment. The more the acquisition, the higher the efficiency. Based on the above research findings, recommendations are made....
This study examined the effect of market risks on performance of 15 banks in Nigeria spanning from 2011 to 2020. The study relied on secondary data derived from the selected banks’ financial statements to determine and measure the effect of fluctuations in market risks on Nigerian banks performance in this era of 4th industrial revolution by applying an all-inclusive panel least square estimate. The study used the ex-post facto research design. The data were obtained from annual reports of the 15 sampled banks. Accordingly, four (4) specific objectives and hypotheses were stated and the data obtained were subjected to some preliminary tests such as descriptive, correlation analysis and variance inflation factor. The hypotheses were tested and analyzed using panel least square estimate. The empirical analysis covered 150 bank-year observations and the results shows that interest rate risk (IRSK), foreign exchange rate risk (FXRSK) and capital adequacy risk (CARSK) have negative yet noticeable effect on the Nigerian banks’ performance while equity risk (EQRSK) have positive yet minimal effects on Nigerian banks’ performance on the short run. Meanwhile, on the Kao Cointegration test evidenced that, market risk has a long run effect on banks’ performance in Nigeria. Consequently, market risk measured by IRSK, FXRSK, and CASK decreases the likelihood for Nigerian banks to make huge profit to a very large extent in the periods under review. As such, if Nigerian banks desire higher income especially in this era of 4th industrial revolution, they need to optimally manage their market risks....
In this paper, we examine the impact of intellectual capital on financial performance of commercial banks in Mongolia using the financial data between 2011 and 2021. The performance impact of intellectual capital on business results is measured by the value-added intellectual coefficient (VAIC) methodology which was used to analyze the data in random and fixed effects models. Statistical analysis shows that the human capital and capital employed has positive effect on return on equity. Structural capital and capital employed has positive effect on return on total assets. Human capital has positive effect on net interest margin while capital employed has negative effect on net interest margin. Our recommendation is that in order to increase profitability of Mongolian commercial banks they should measure impacts of their intellectual capital and human capitals....
How to assess external shocks, whether they are inflationary shocks or interest rate shocks without warning, is crucial to construct smooth and predictable financial market. The purpose of this paper is to analyze the short-run and long-run effects of shocks on an economy under chaotic conditions of uncertainty using the Vector Error Correction Model (VECM). A comprehensive and detailed derivation process is presented for VECM and reveals the dynamics of interest rates and inflation in the face of external shocks, through Cholesky ordering and impulse response decomposition. With a constraint, the VECM model is also used to derive its two applications in well-known theoretical fields, the Fisher model and the uncovered interest rate parity (UIP) theory....
The benefits offered by cryptocurrencies are a great many: transaction cost and speed, security and transparency, to name a few. Yet, there is also a major drawback represented by their extremely high volatility. Stablecoins offer an ideal solution since they preserve all the advantages of blockchain-based currencies, while reducing considerably the volatility issue. Currently, stablecoins are almost exclusively pegged to the US Dollar and secured by noncrypto assets held in account at custodial institutions. In this article, we present the design of a decentralized organization aimed at issuing stablecoins backed by crypto-assets stored on-chain and pegged to assets different from fiat money. Our model offers several advantages, in particular, it allows the issuance of stablecoins in a trustless, permission-less and non-custodial environment....
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