scholarly journals Beyond the Classroom: The Implications of School Vouchers for Church Finances

2019 ◽  
Vol 101 (4) ◽  
pp. 588-601
Author(s):  
Daniel M. Hungerman ◽  
Kevin Rinz ◽  
Jay Frymark
Keyword(s):  
Private Education ◽  
Financial Stability ◽  
Religious Organizations ◽  
School Vouchers ◽  
Data Set ◽  
Religiously Affiliated ◽  
Financial Outcomes ◽  
Social Fabric ◽  
Dominant Source ◽  
Church Finances

Governments have used vouchers to spend billions of dollars on private education; much of this has gone to religiously affiliated schools. We explore the possibility that vouchers could alter the financial outcomes of religious organizations that are operating schools and thus have an impact on the spiritual, moral, and social fabric of communities. Using a data set of Catholic parish finances from Milwaukee, we show that vouchers are a dominant source of funding for many churches. Vouchers appear to offer financial stability for congregations as voucher expansion prevents church closures and mergers. However, voucher expansion causes significant declines in church donations and church revenue from noneducational sources.

scholarly journals Financial and economic stability as ‘two sides of a coin’

2015 ◽  
Vol 7 (4) ◽  
pp. 327-353 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Mushtaq Ahmad ◽  
Ferhan Ahmad ◽  
Junjie Wu
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Financial Stability ◽  
Strong Association ◽  
Price Stability ◽  
Economic Stability ◽  
Data Set ◽  
Content Type ◽  
The Real ◽  
Stability And Instability

Purpose – The purpose of this paper is to provide a different context for considering issues of financial stability and instability, with reference to economic growth and price stability in particular. Design/methodology/approach – This paper pursued an empirical exploration of six pillars of financial stability, based on a data set for the UK extending from 1985 (Q1) to 2008 (Q2), through the construction of a vector error correction model, including an impulse response function analysis. Findings – The findings show a strong association between the financial and economic stability even in a non-crisis regime. This includes, for example, a strong association exists between the stock market and the real economy; exchange rate appreciation may not provide for long-term real economic growth; inflation does not contribute to real economic growth, both the sensitivity of the economy to yields and a significant lag in transitional effects from financial markets to the real sector; a positive role of credit creation within a non-crisis regime; exchange rate appreciation affects purchasing power; and potential points of linkage between sovereign debt activity and general price levels. Research limitations/implications – The findings should be considered in the context of a concept of the economy as fundamentally dynamic and subject to complex cumulative processes. Practical implications – The findings indicate there is a role for state oversight and intervention within a non-crisis regime based on the complexity of possible interactions that may undermine financial and price stability, with consequences for their association with economic growth. Originality/value – The study provides a new perspective for considering issues of financial stability and instability.

scholarly journals Agricultural Insurance with State Support in Russia in the Conditions of Uncertainty and Risk

2018 ◽  
Vol 7 (3.14) ◽  
pp. 431
Author(s):  
Lubov Konstantinovna Ulibina ◽  
Olga Alekseevna Okorokova ◽  
Yuri Borisovich Turaev ◽  
Elvira Antsasovna Rusetskaya ◽  
Tatiana Vladimirovna Il'ina
Keyword(s):  
Financial Stability ◽  
Agricultural Products ◽  
State Support ◽  
Agricultural Insurance ◽  
Agricultural Producers ◽  
Financial Outcomes ◽  
Sectoral Analysis ◽  
Factors Influencing ◽  
Federal Districts ◽  
High Uncertainty

The relevance of the topic of the research is determined by the necessity to implement insurance as a method to control agricultural risks in order to increase the financial stability of agricultural producers in the conditions of high uncertainty of natural and climatic conditions.Insurance as a means to stabilising risks in the agrarian sphere enables not only to compensate for the losses connected with the loss of agricultural products but also to protect the producers from possible bankruptcy, to enhance the predictability of financial outcomes of activities. The authors put the greater emphasis on the underlying factors influencing the formation and dynamics of crucial indicators of agricultural insurance with state support compared to Russian and foreign experience. The sectoral analysis of was carried out, the peculiarities of implementing instruments of agricultural insurance in terms of federal districts and insurance institutions were revealed, provisions on innovative programmes were developed in order to improve agreements between actors for strengthening agricultural producers’ activities.  

scholarly journals Resource justification of the financial security of Russian industrial organizations

2020 ◽  
Vol 8 (3) ◽  
pp. 21-25
Author(s):  
Oksana Ivanova
Keyword(s):  
Industrial Production ◽  
Financial Stability ◽  
Financial Risk ◽  
Economic Security ◽  
Financial Security ◽  
Data Set ◽  
Current Time ◽  
Industrial Organizations ◽  
Definition Of ◽  
Integral Assessment

One of the components of the positions of strengthening the competitiveness and financial independence of Russian industrial organizations is the definition of interrelated compositions in the context of the national and economic security of the country. Verification of the information flow of a data set is to a large extent a tool base for determining key facts in the event of challenges and threats. Therefore, the main goal of the work is to build an information base and mathematically determine the relationship between individual indicators to establish the level of financial security of Russian industrial production. Dialectical research methods determine the fundamental foundations of the issue being disclosed. The proposed methodology for the integral assessment of financial security reflects individual positions in the system of assessing financial risk and combines both positive and negative features of the development of industrial production. As a result of the multi-criteria assessment and the calculated integral indicator, the article singles out groups for assessing the financial risk of industrial organizations, which is the basis for assessing the competitiveness and financial stability both at the current time and in the forecast future.

Concentration and financial stability in the property-liability insurance sector: global evidence

2017 ◽  
Vol 18 (3) ◽  
pp. 284-302 ◽  
Author(s):  
Muhammed Altuntas ◽  
Jannes Rauch
Keyword(s):  
Financial Stability ◽  
Empirical Support ◽  
Policy Implications ◽  
Large Set ◽  
Data Set ◽  
Content Type ◽  
Global Database ◽  
Insurance Sector ◽  
Insurance Firms ◽  
The Stability

Purpose This paper aims to examine the effect of concentration in the insurance sector on insurer stability for a large set of developed and developing countries. In particular, the authors test whether concentration reduces financial fragility in the insurance sector (“concentration-stability view”) or decreases stability in the insurance sector (“concentration-fragility view”). Design/methodology/approach The authors use a data set of 14,402 firm-year observations of property-liability insurers who appear in A.M. Best’s Statement File Global database during the period 2004-2012. They use regression analyses to examine the effect of concentration on the stability of insurance firms and apply different measures of concentration. Findings The results provide empirical support for the “concentration- fragility view”; that is, higher levels of concentration are associated with decreases in the insurance sector’s financial stability. Research limitations/implications The results have important policy implications, given that a primary purpose of insurance regulation is to protect policyholders against insurance firm defaults. Originality/value No previous research analyzes how recent trends in competition and consolidation, which have led to changes in insurance market concentration, affect the stability of insurance firms around the world. This research is the first paper that provides evidence on the relation between concentration and stability in the insurance sector.

scholarly journals EU Geography of Non-Performing Loans (NPL)

2018 ◽  
Author(s):  
Sergey Avetisyan
Keyword(s):  
Geographical Distribution ◽  
Financial Stability ◽  
Global Economy ◽  
Spatial Organization ◽  
Banking System ◽  
Gdp Growth ◽  
Business Climate ◽  
Data Set ◽  
The Past ◽  
Asset Quality

Over the past decade, the credit quality of loan portfolios across most countries in the world remained relatively stable until the financial crises hit the global economy in 2007–2008. In this paper I discuss, the relationship between non-performing loans and economic landscape. Since 2008, nonperforming loans have been an increasingly hot topic in the international scene, due to their important and rising volume and their impact on the economy as a whole, on the banking system and on its credit supply. Since then, average bank asset quality deteriorated sharply due to the global economic recession. Yet the deterioration of loan performance was very uneven across countries. I am interested in explaining these differences in bank asset quality across countries and over time. In this paper, I therefore study the empirical determinants of non-performing loan (NPL) ratios using a data set for EU countries covering the past decade. The paper assumes that the spatial organization of banking systems and the geographical distribution of comercial banks branches, ATMs and GDP growth are major factors influencing the effectiveness in credit system. The aim of this paper is to construct a continuous and quantifiable model, which will demonstrate a role of economic condition, technology, competition, policy, business climate in Financial Stability. Main hypotheses suggests, that GDP growth, interest rate, new business, FDI, ATMs and geographical distribution of branches have an influences on NPL (non-performing loans).

scholarly journals How the UEFA Financial Fair Play regulations affect football clubs’ priorities and leagues’ competitive balance?

2020 ◽  
Vol 9 (2) ◽  
pp. 119-142
Author(s):  
Pedro Garcia-del-Barrio ◽  
Giambattista Rossi
Keyword(s):  
Financial Stability ◽  
Structural Changes ◽  
Theoretical Description ◽  
Fair Play ◽  
Competitive Balance ◽  
Data Set ◽  
Legal Reforms ◽  
Financial Fair Play ◽  
Football Clubs ◽  
European Football

Institutional and legal reforms applied in the context of sports competitions often provoke structural changes that can be empirically investigated. Using a data set of 560 observations (20 teams per season, from 2009/10 to 2015/16, of teams playing in the Premier League, La Liga, Serie A and Ligue 1), this paper examines how the UEFA Financial Fair Play (FFP) regulations may have altered the football clubs’ decisions concerning their sport and financial priorities. Moreover, based on a simple theoretical description, the paper shows that the increasing financial stability promoted by the FFP rules might actually imply – as an undesired side effect – a declined competitive balance affecting the European football leagues. Finally, the paper discusses some policy issues and recommendations.

scholarly journals Factors Affecting Cost Efficiency in the Banking Sector of Kyrgyzstan

2017 ◽  
Author(s):  
Dastan Aseinov
Keyword(s):  
Economic Efficiency ◽  
Cost Efficiency ◽  
Financial Stability ◽  
Banking Sector ◽  
Banking System ◽  
Foreign Banks ◽  
Data Set ◽  
Factors Affecting ◽  
Domestic Banks ◽  
The Impact

Instabilities in the banking sector have had an adverse effect on the economy as a whole, since the largest share in the financial system and financial intermediation in Kyrgyzstan have been captured by banking sector. Economic efficiency in banking can be viewed as a source of financial stability of banking system. Economic efficiency of the banking is more important challenge not only for shareholders and managers of banks, and also for regulation and supervision authorities, and public and potential investors. The aim of this study is to examine factors affecting the banking cost efficiency for Kyrgyz banks. It is also important to choose the appropriate approach in measurement of banking cost efficiency, since there are many different methods. In this study preferred stochastic frontier approach which assumes random error term which captures sampling, measurement and specification errors. We adopted stochastic cost frontier model proposed by Battese ve Coelli (1995) which also allow to examine investigate the impact of variables on efficiency. We used unbalanced panel data set captured 17-23 Kyrgyz commercial banks for period of 2000-2013. Obtained results suggest that capitalization, foreign ownership, credit risk, liquidity risk and currency risk have most influence on cost efficiency scores of banks calculated averagely at level of 0,766. Overall results indicate that domestic banks more cost efficient than domestic private and foreign banks. Average cost efficiency scores of domestic banks, foreign and separately public banks are 0,848; 0,649 and 0,875, respectively.

scholarly journals An Early Warning Signal (EWS) Model for Predicting Financial Crisis in Emerging African Economies

2020 ◽  
Vol 12 (1) ◽  
pp. 101
Author(s):  
Kehinde Damilola Ilesanmi ◽  
Devi Datt Tewari
Keyword(s):  
Financial Crisis ◽  
Early Warning ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Warning Signal ◽  
Multinomial Logit Model ◽  
Set Covering ◽  
Data Set ◽  
Early Warning Signal ◽  
The Global Financial Crisis

The devastating effects of the global financial crisis (GFC) have led to a renewed, global interest in the development of an early warning signal (EWS) model. The purpose of the EWS model is to alert policymakers and other stakeholders to the possibility of the occurrence of a crisis. This study estimates a EWS model for predicting the financial crisis in four emerging African economies using a multinomial logit model and a data set covering the period of January 1980 to December 2017. The result of the study suggests that emerging African economies are more likely to face financial crisis as debts continue to rise without a corresponding capacity to withstand capital flow reversal as well as excessive foreign exchange risk due to currency exposure. The result further indicates that rising debt exposure raises the likelihood of the economies remaining in a state of crisis. This result confirms the significance of a financial stability framework that addresses the issues confronting Africa’s emerging economies such as rising debt profile, liquidity and currency risk exposure.

scholarly journals Philanthropic Behaviour of Quebecers

2017 ◽  
Vol 8 (1) ◽  
Author(s):  
Rose Anne Devlin ◽  
Wenzhuo Zhao
Keyword(s):  
British Columbia ◽  
Household Income ◽  
General Social Survey ◽  
Religious Organizations ◽  
Atlantic Canada ◽  
Data Set ◽  
Social Survey ◽  
Socioeconomic Characteristics ◽  
Sont Comparables

Residents of Québec typically give less money and volunteer less time compared to residents of all other provinces. This article employs the most recent General Social Survey: Giving, Volunteering and Participating (2013) data set and Tobit procedures and finds that Quebeckers give less money largely because of smaller endowments of two important determinants, religiosity and household income. Once demographic and socioeconomic characteristics are controlled, Quebeckers’ financial donations are comparable to those of residents of Ontario and Atlantic Canada and exceed those of residents of British Columbia. Quebeckers moreover are similar to others when it comes to volunteering for religious organizations, but they volunteer significantly less than others for secular organizations, which cannot be explained in this article.Typiquement, les résidents du Québec donnent moins d’argent et consacrent moins de temps au bénévolat que les résidents des autres provinces. Cet article, en recourant aux données provenant de la dernière « Enquête sociale générale : dons, bénévolat et participation, 2013 » et au modèle Tobit, conclut que les Québécois donnent moins d’argent en grande partie parce qu’ils ont des lacunes dans deux domaines importants, à savoir la religiosité et le revenu du ménage. Cependant, après un contrôle des caractéristiques démographiques et socioéconomiques, on constate que les dons de la part des Québécois sont au fait comparables à ceux des résidents de l’Ontario et des provinces de l’Atlantique et supérieures à ceux des résidents de la Colombie-Britannique. D’autre part, les Québécois sont comparables aux résidents des autres provinces pour ce qui est du bénévolat dans les organismes religieux, mais ils font beaucoup moins de bénévolat dans les organismes séculaires, fait que cet article ne parvient pas à expliquer.  

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