Purpose - This study aims to quantify the cost of rebalancing Sharīʿah-compliant indexes, both economically and statistically. Design/methodology/approach - An empirical approach is employed where the rebalanced Sharīʿah-compliant index is calculated numerous times with different lags in...

Fiscal surveillance was developed as a supranational regulatory process to counteract short-termism and deficit biases in government decision-making. With effective monetary policy to stabilize the economy, restraint on the fiscal discretion of national governments was seen as the key to...

This study aims to investigate the existence and nature of herding behavior in the banking sector in Bangladesh. It uses daily closing prices of 30 listed commercial banks from January 2007 to December 2018 to detect herding. This study confirms the presence of herding in the banking industry...

This paper investigates the incentive of credit rating agencies (CRAs) to bias ratings using a semiparametric, ordered-response model. The proposed model explicitly takes conflicts of interest into account and allows the ratings to depend flexibly on risk attributes through a semiparametric...

The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital...

This paper investigates the linkage between social protection and economic resilience. Does social protection have an impact on income? What role do social protection policies play in strengthening a society's capacity to overcome economic hardships? The recent crisis has brought these questions...

Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying...

The main reason for central bank independence lies in the fact that it is necessary to clearly distinguish spending money from the ability of making money. Independence of central banks is now a characteristic of almost all developed and highly industrialized countries. In this respect, it...

For the last two decades, most of Eastern European countries moved towards open economies, including Baltic Countries, Ukraine and Russia. Some of these countries adopted the euro such as the case of Montenegro in 2002, Slovakia in 2009, Estonia in 2011, and finally Latvia in 2014. Adoption of...

This paper evaluates the impact of external financing on market risk for the listed firms in Vietnam's banking industry, especially during and after the financial crisis 2009-2011. First of all, by using quantitative and analytical methods to estimate asset and equity beta of total 9 listed...