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Governance Deficits and Financial Fragility: An Analysis of Bank Failures in Ghana
Get PDFThis study explored the critical relationship between corporate governance practices and the incidence of bank failures in Ghana, a key issue for the nation's financial stability and economic resilience. While Ghana's banking sector has undergone significant modernization, recent high-profile bank failures have cast doubt on the effectiveness of existing governance and regulatory frameworks. This research quantitatively investigates how core governance factors—specifically board composition, risk management, and regulatory compliance—influence bank stability. Analyzing data from 30 banks, the study employs descriptive, correlation, and regression analyses to assess governance practices and their linkage to financial distress indicators. The findings reveal a significant relationship between board independence, robust risk management, regulatory compliance, and a reduced likelihood of bank failure. Notably, a higher proportion of independent directors and stronger adherence to regulatory and corporate governance codes are associated with lower non-performing loan ratios and fewer regulatory interventions. These results highlight persistent gaps in governance that contribute to financial distress and underscore the necessity of strengthening Ghana's banking oversight. The study provides valuable, evidence-based insights for policymakers, regulators, and banking institutions on enhancing governance frameworks to prevent future crises and foster a more resilient financial sector
Public-Private Partnerships, Asymmetric Information, and Incomplete Contracts
Get PDFWe develop an incomplete-contracting model in which the government engages a private contractor to provide a public good. Over time, adaptations of the good to changing circumstances may become desirable. The contractor privately learns the costs of implementing these adaptations. We compare two organizational forms. In a public-private partnership, the government actively participates in project management and, by incurring information-gathering costs, may ascertain the contractor's adaptation costs. Under traditional procurement, the government lacks direct involvement in project management, preventing it from ascertaining the adaptation costs. We show that the government's potentially enhanced access to the contractor's information in a public-private partnership can either support or undermine the case for such partnerships
From Lignite to Low-Carbon: Greece’s Journey in the Climate Change Performance Index (CCPI)
Get PDFMonitoring national climate performance is fundamental for translating the Paris Agreement’s global objectives into actionable national policy. This study examines Greece’s progress through the lens of the Climate Change Performance Index (CCPI), an internationally recognized tool assessing mitigation efforts across four pillars: Greenhouse Gas (GHG) Emissions, Renewable Energy, Energy Use, and Climate Policy. Drawing on data from CCPI (2006–2025), IPCC assessments, and national policy documents, the analysis situates Greece’s climate trajectory within the broader frameworks of the Intergovernmental Panel on Climate Change (IPCC) and the United Nations Sustainable Development Goals (SDGs). Results indicate that Greece’s CCPI ranking improved from 35th in 2018 to 22nd in 2025, reflecting significant advances in renewable energy deployment and energy efficiency, yet persistent weaknesses in policy implementation and governance capacity. The country’s emissions have declined by approximately 38% since 2005, driven by a rapid lignite phase-out and expansion of solar and wind power. However, gaps remain in transport, buildings, and industrial decarbonization, limiting full alignment with a 1.5°C-compatible pathway. The findings highlight the interplay between technical progress and institutional performance, showing that Greece’s transition is constrained less by technological potential than by fragmented governance, delayed enforcement, and uneven adaptation capacity. Strengthening policy coherence, sectoral accountability, and just transition mechanisms is therefore essential for sustaining CCPI improvements and achieving IPCC- and SDG-consistent outcomes. The study concludes that integrating CCPI metrics into national climate governance can enhance transparency, accelerate policy delivery, and position Greece as a regional model for integrated climate action in the Eastern Mediterranean
Оценка взаимосвязи критического импорта и промышленного развития региона на основе пространственного анализа панельных данных
Get PDFЦелью работы является разработка методических подходов к идентификации критически значимых товарных номенклатур, импортируемых из-за рубежа, и разработка моделей, определяющих их влияние на перспективы промышленного развития регионов. Целью работы является разработка методических подходов к идентификации критически значимых товарных номенклатур, импортируемых из-за рубежа, и разработка моделей, определяющих их влияние на перспективы промышленного развития регионов.
The aim of the work is to develop methodological approaches to the identification of critically important commodity nomenclatures imported from abroad, and to develop models that determine their impact on the prospects of industrial development of the regions. The aim of the work is to develop methodological approaches to the identification of critically important commodity nomenclatures imported from abroad, and to develop models that determine their impact on the prospects of industrial development of the regions
AI Investment and Firm Productivity: How Executive Demographics Drive Technology Adoption and Performance in Japanese Enterprises
Get PDFThis paper investigates how executive demographics—particularly age and gender—influence artificial intelligence (AI) investment decisions and subsequent firm productivity using comprehensive data from over 500 Japanese enterprises spanning 2018-2023. Our central research question addresses the role of executive characteristics in technology adoption, finding that CEO age and technical background significantly predict AI investment propensity. Employing these demographic characteristics as instrumental variables to address endogeneity concerns, we identify a statistically significant 2.4\% increase in total factor productivity attributable to AI investment adoption. Our novel mechanism decomposition framework reveals that productivity gains operate through three distinct channels: cost reduction (40\% of total effect), revenue enhancement (35\%), and innovation acceleration (25\%). The results demonstrate that younger executives (below 50 years) are 23\% more likely to adopt AI technologies, while firm size significantly moderates this relationship. Aggregate projections suggest potential GDP impacts of ¥1.15 trillion from widespread AI adoption across the Japanese economy. These findings provide crucial empirical guidance for understanding the human factors driving digital transformation and inform both corporate governance and public policy regarding AI investment incentives
Resonant and non-resonant Double Hopf bifurcation in a 4D Goodwin model with Wage inequality
Get PDFThis paper presents a four-dimensional extension of the Goodwin model of endogenous cycles that integrates wage inequality and underemployment. The model distinguishes two classes of workers differentiated by productivity, wage levels, and bargaining strength, and endogenizes the underemployment rate through a simplified power-balance mechanism between capital and labor. We establish well-posedness of the system by proving existence–uniqueness of solutions, positivity, and forward invariance on a compact admissible set. The interior equilibrium is characterized in closed form and shown to generically undergo a double Hopf (Hopf–Hopf) bifurcation. Using center–manifold reduction and a third-order normal form, we derive the amplitude equations governing the interaction between two oscillatory modes (the Goodwin cycle and the underemployment cycle). The reduced dynamics predict the emergence of an invariant two-torus with quasi-periodic cycles and phase locking at low-order resonances (, , ). Numerical continuation and direct simulations corroborate the analytical predictions, documenting transitions between quasi-periodicity and resonant periodic orbits, and mapping the associated bifurcation structure in key parameters, such as the adjustment speed of the underemployment rate in response to deviations from steady-state equilibrium
Would Keynesian Expansionary Policies Eliminate the Natural Rate of Unemployment: Insights from The Sri Lankan Economy
Get PDFThis paper develops a Keynesian stochastic framework to reassess the natural rate hypothesis in the context of the Sri Lankan economy. By embedding fractional Brownian motion to capture persistent inflationary shocks and incorporating nonlinear interactions between unemployment dynamics and aggregate demand, the model contrasts expansionary Keynesian policies with the monetarist view of structural unemployment. Empirically, the estimated income series indicates that targeted income interventions can systematically reduce unemployment over time, illustrating the capacity of demand-side policies to stabilize labor markets. The results suggest that fiscal and monetary measures, when sustained and coordinated, not only mitigate hysteresis effects but can also shift unemployment away from the so-called natural level, reaffirming the Keynesian insight that active policy can shape real economic outcomes even in the presence of structural frictions. This study contributes both theoretically to macroeconomic stabilization debates and practically to policy design in economies facing recurrent shocks and structural vulnerabilities
Meet Karel Engliš (1880–1961), A Prominent Czech Economist, Logician, Politician and Scholar: Introduction and his Bibliography in Foreign Languages
Get PDFDo you want to know more about an economist who before Mises conceived of economics as a science of human action? Someone who at the same time was an ordoliberal sooner than Eucken? Someone who added politics to his many talents and who saved Czechoslovakia from hyperinflation then raging in Mises' Vienna, as well as in Budapest, Berlin and other major European cities? A Neoliberal deprived of his liberties by the Nazis and communists alike? Someone who then didn't give in to the dictatorship but fought for democracy with his mighty pen? Then feel free to read my publication titled Meet Karel Engliš (1880-1961), A Prominent Czech Economist, Logician and Scholar. Introduction and his Bibliography in Foreign Languages. The publication contains an international bibliography of the works of Karel Engliš, founder of Masaryk University, a prominent Czech economist whose work was also appreciated by representatives of the Austrian school such as L. von Mises, F. A. von Hayek and I. M. Kirzner. Karel Engliš was one of the most prominent figures in European economics in the interwar period, but after 1948 the communist regime banned his publishing, lecturing and foreign activities, and his books were withdrawn from library collections. An overview of his works in English, German, French and other languages, supplemented by links to online resources and secondary literature, provides a valuable basis for a new research of his work and significance. The aim of the publication is to renew international awareness of Engliš's teleological economics and to facilitate further research into his legacy
Tracking Public Interest in Sustainable Mobility with Google Trends
Get PDFThe transport sector remains one of the main contributors to global GHG emissions, making the shift toward more sustainable mobility a key component of climate-mitigation strategies. While previous research has emphasized the role of infrastructure, technology, and behavioral change, less is known about how public attention toward sustainable transport evolves and diffuses across countries. This paper uses Google Trends data as a high-frequency indicator of public interest in sustainable mobility for 38 OECD countries from 2004 to 2025. To ensure comparability across time and space, we propose the construction of log-ratios between sustainable mobility and conventional car-related searches so that the measure is robust to changes in Google’s user base. We apply the Phillips and Sul convergence framework to test whether attention levels follow common long-run trajectories. Results show strong convergence in electric-vehicle attention, while hybrid- and public-transport interest remain fragmented. Validation analyses confirm that Google Trends indicators correlate with subsequent electric-vehicle adoption, underscoring their value as dynamic proxies for cultural and behavioral dimensions of sustainable mobility
Asignando Recursos a fuerzas de venta, según performance
Get PDFEstudiamos el problema dinámico que enfrenta una firma para asignar recursos que facilitan
el trabajo de sus vendedores. La eficiencia requiere que se le asignen más recursos a los mejores
vendedores, pero si al principio de sus carreras ellos muestran sus cartas, serán explotados en el
futuro. ¿Cómo es el diseño óptimo de asignación? ¿Qué tan eficientes son las formas habituales
de asignar recursos? En este trabajo analizamos esas preguntas