This study aims to fill the gap in the literature by specifically investigating the impact of country risk on the credit risk of the banking sectors operating in Brazil,Russia,India,China,and South Africa(BRICS),emerg...This study aims to fill the gap in the literature by specifically investigating the impact of country risk on the credit risk of the banking sectors operating in Brazil,Russia,India,China,and South Africa(BRICS),emerging countries.More specifically,we explore whether the country-specific risks,namely financial,economic,and political risks significantly impact the BRICS banking sectors’non-performing loans and also probe which risk has the most outstanding effect on credit risk.To do so,we perform panel data analysis using the quantile estimation approach covering the period 2004–2020.The empirical results reveal that the country risk significantly leads to increasing the banking sector’s credit risk and this effect is prominent in the banking sector of countries with a higher degree of non-performing loans(Q.25=−0.105,Q.50=−0.131,Q.75=−0.153,Q.95=−0.175).Furthermore,the results underscore that an emerging country’s political,economic,and financial instabilities are strongly associated with increasing the banking sector’s credit risk and a rise in political risk in particular has the most positive prominent impact on the banking sector of countries with a higher degree of non-performing loans(Q.25=−0.122,Q.50=−0.141,Q.75=−0.163,Q.95=−0.172).Moreover,the results suggest that,in addition to the banking sectorspecific determinants,credit risk is significantly impacted by the financial market development,lending interest rate,and global risk.The results are robust and have significant policy suggestions for many policymakers,bank executives,researchers,and analysts.展开更多
This study attempts to investigate the effect of financial and political risk on Chinese outward FDI activities in 56 emerging economies for a period from 2003 to 2013. Exchange rate is taken as a main indicator of fi...This study attempts to investigate the effect of financial and political risk on Chinese outward FDI activities in 56 emerging economies for a period from 2003 to 2013. Exchange rate is taken as a main indicator of financial risks and political risks are evaluated using ICRG （International Country Risk Guide） index. Generalized method of moments with panel data of Chinese outward FDI （foreign direct investment） in new emerging economies is used to find how Chinese finns intend to invest abroad with respect to exchange rate level, volatility, and expectation. The major findings show that RMB appreciation proved to have a positive effect on Chinese outward FDI in emerging economies. But Chinese OFDI （outward foreign direct investment） seems not to respond to exchange rate volatility. The expectation of RMB＇s appreciation has positive effect on Chinese OFDI in emerging economies. Results also show that more political risk leads to more Chinese OFDI in emerging economies.展开更多
This paper will review three broad types of political implications of emergency management, since historically emergency management was considered only a function of law enforcement and fire departments, with the supp...This paper will review three broad types of political implications of emergency management, since historically emergency management was considered only a function of law enforcement and fire departments, with the support in the event of a major catastrophe from public health and civil defense organizations. The issue is not whether governments will be required to respond to emergencies but rather when and how frequently. The time to think about emergencies is before they happen. Despite some significant weakness in the overall approach, political implications offer many benefits and provide various options for CDCs （community development corporations） to get involved in disaster recovery and emergency management. Based upon a generally positive evaluation, the paper concludes that emergency management must become a central activity, whether at the federal, state, or local or as an intergovernmental activity. Hopefully for the future the government does not have to wait for a disaster to strike for one to put a policy into place, since they have had several to occur over decades. The government should be ready to take on any disaster if it occurs with the following policies and procedures that are in place.展开更多
文摘This study aims to fill the gap in the literature by specifically investigating the impact of country risk on the credit risk of the banking sectors operating in Brazil,Russia,India,China,and South Africa(BRICS),emerging countries.More specifically,we explore whether the country-specific risks,namely financial,economic,and political risks significantly impact the BRICS banking sectors’non-performing loans and also probe which risk has the most outstanding effect on credit risk.To do so,we perform panel data analysis using the quantile estimation approach covering the period 2004–2020.The empirical results reveal that the country risk significantly leads to increasing the banking sector’s credit risk and this effect is prominent in the banking sector of countries with a higher degree of non-performing loans(Q.25=−0.105,Q.50=−0.131,Q.75=−0.153,Q.95=−0.175).Furthermore,the results underscore that an emerging country’s political,economic,and financial instabilities are strongly associated with increasing the banking sector’s credit risk and a rise in political risk in particular has the most positive prominent impact on the banking sector of countries with a higher degree of non-performing loans(Q.25=−0.122,Q.50=−0.141,Q.75=−0.163,Q.95=−0.172).Moreover,the results suggest that,in addition to the banking sectorspecific determinants,credit risk is significantly impacted by the financial market development,lending interest rate,and global risk.The results are robust and have significant policy suggestions for many policymakers,bank executives,researchers,and analysts.
基金Acknowledgements： This paper is supported by the National Natural Science Foundation of China （71072066, 71302183）, the Social Science Fund of China＇s Education Department （14YJC790053）, the Distinguished Young Scholars Fund of Sichuan University （SKJC201007, SKYB201402）, and the Sichuan Provincial Social Science Fund （SC14C054）. The usual disclaimer applies.
文摘This study attempts to investigate the effect of financial and political risk on Chinese outward FDI activities in 56 emerging economies for a period from 2003 to 2013. Exchange rate is taken as a main indicator of financial risks and political risks are evaluated using ICRG （International Country Risk Guide） index. Generalized method of moments with panel data of Chinese outward FDI （foreign direct investment） in new emerging economies is used to find how Chinese finns intend to invest abroad with respect to exchange rate level, volatility, and expectation. The major findings show that RMB appreciation proved to have a positive effect on Chinese outward FDI in emerging economies. But Chinese OFDI （outward foreign direct investment） seems not to respond to exchange rate volatility. The expectation of RMB＇s appreciation has positive effect on Chinese OFDI in emerging economies. Results also show that more political risk leads to more Chinese OFDI in emerging economies.
文摘This paper will review three broad types of political implications of emergency management, since historically emergency management was considered only a function of law enforcement and fire departments, with the support in the event of a major catastrophe from public health and civil defense organizations. The issue is not whether governments will be required to respond to emergencies but rather when and how frequently. The time to think about emergencies is before they happen. Despite some significant weakness in the overall approach, political implications offer many benefits and provide various options for CDCs （community development corporations） to get involved in disaster recovery and emergency management. Based upon a generally positive evaluation, the paper concludes that emergency management must become a central activity, whether at the federal, state, or local or as an intergovernmental activity. Hopefully for the future the government does not have to wait for a disaster to strike for one to put a policy into place, since they have had several to occur over decades. The government should be ready to take on any disaster if it occurs with the following policies and procedures that are in place.
