Small and medium-sized enterprises (SMEs) play a crucial role in the Egyptian economy, in term of their contribution to the GDP and total employment. Yet, their contribution in capital formation is very limited, mainly because of the finance constraints they face. Consequently, to improve the...

Based on reviewing the literature in the field, the article shows the importance accorded to issues of structural funds absorption. The subject is central to assessing how the administrative capacity to absorb EU candidate countries in terms of structural funds. It will describe the methodology...

This paper investigates the linkages between financial development and economic growth in the Middle East using newly developed methods of panel cointegration along with the popular time series methodologies such as the Johansen's cointegration, Granger causality, and the variance...

In view of recent corporate scandals, it is argued that corporate governance can learn from public governance. Institutions devised to control and discipline the behaviour of executives in the political sphere can give new insights into how to improve the governance of firms. Some proposal such...

Climate change is emerging as an important issue, and has been a cause for increasing uncertainty in the business sector. It is important to understand the effects of climate change events on financial institutions and the financial system. This study analyzes the effect of climate change on...

Since banks are among the most important sources not only of finance but also of external governance for firms, the corporate governance of banks is a crucial factor for growth and development. Despite its importance, this topic has been explored only by a few studies. While some authors...

In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of carpetbaggers resulted in enormous pressure on worldwide political institutions to approve a more...

Money illusion in economic theory has been an assumption rejected for academic economists for quite some time. However, with the gradual diffusion of behavioural economics based on experimental research this has changed. Now, it has become a respected fact to accept money illusion as a stylized...

We compare the out-of-sample forecasting accuracy of the time-varying hazard model developed by Shumway (2001) and the one-period probit model used by Cole and Gunther (1998). Using data on U.S. bank failures from 1985 – 1992, we find that, from an econometric perspective, the hazard model is...

In this study, we analyze why U.S. commercial banks failed during the recent financial crisis. We find that proxies for commercial real estate investments, as well as traditional proxies for the CAMELS components, do an excellent job in explaining the failures of banks that were closed during...