Article 13 of the Financial Services Authority Regulation (POJK) Number 5/POJK/03/2015 concerning Minimum Core Capital Provisions for People's Credit Banks has required all People's Credit Banks to fulfill the minimum core capital of Rp. 6 billion until the deadline ending December 31, 2024. Based on the above provisions, Bank Perkreditan Rakyat which does not have a core capital of Rp. 6 billion must find funds, including by selling its personal assets, looking for new investors and also for shareholders to sell their Bank Perkreditan Rakyat to other parties. The approach of this research is normative juridical supported by empirical juridical juridical The data used in this study are secondary data and primary data in the form of interviews. Based on the results of the research, the discussion and analysis were concluded. First, the legal consequences of the issuance of financial services authority regulations regarding the obligation to fulfill the minimum core capital for the existence of the People's Economic Bank are subject to administrative sanctions in the form of: 1) it is stated that the health level of BPR has decreased; 2) it is forbidden to open an office network; 3) it is prohibited to carry out Foreign Exchange Business Activities and electronic banking device services; 4) subject to restrictions on the area of disbursement of funds to one district that is the same as the location of the BPR office; 5) subject to remuneration restrictions or other forms equivalent to it to members of the Board of Commissioners and/or the Board of Directors of BPR, or in return to related parties, 6) revocation of BPR's operational license. Second, the obstacles faced in the implementation of the Financial Services Authority Regulation on the obligation to fulfill the minimum core capital by the People's Economic Bank are divided into two, namely: legal and non-legal constraints. Legal obstacles are 1) limited BPR business activities, 2) merger efforts (consolidation) can eliminate the historical traces of BPR Lugas Dana Mandiri, 3) takeover efforts have the potential to cause the relocation of BPR business locations, and non-legal obstacles, namely; 1) the financial ability of BPR shareholders, 2) the existence of sectoral egos in BPR merger efforts.

Purpose Our study explores the association between data assetization and corporate credit financing from bank loans. By examining the hidden champion small- and medium-sized enterprises (SMEs) sample from China, we want to reveal whether firms with higher data assets improve their bank credit financing. Design/methodology/approach Our study uses the sample of China's hidden champion listed SMEs from 2011 to 2021 to examine the association between data assetization and corporate credit financing. We use the multiple regression analysis approach and the neural network model to construct accurate firm-level data assets. Findings Our study finds that firms with higher data assets improve their bank credit financing. This finding arises because data assetization helps reduce information asymmetry and obtain government subsidies. Moreover, we reveal that enterprises with more extended credit-term structures tend to prefer short-term financing as data assets increase. Regarding influencing factors, enterprises with higher risk-taking, lower industry positions and higher economic policy uncertainty will enhance the effect of data assetization on bank credit financing. Additionally, the data assetization also reduces the over-financialization among hidden champion SMEs. Originality/value Our study makes the following contributions. Firstly, we enrich the research on the data assets and economic outcomes. Secondly, we contribute to the literature on how corporate digital transformation shapes bank credit resource allocations (e.g. Liu and Wang, 2023; Zhou and Li, 2023). Finally, our study contributes to the literature on the hidden champions' financial features in emerging markets.

This study aimed to analyse the impact of macroeconomic variables, such as inflation, economic growth and financial soundness indicators, on net interest margin (NIM) in Jordanian commercial banks. The autoregressive distributed lag (ARDL) model was used to achieve the study’s objectives and test its hypothesis. The study found a long-term equilibrium relationship between these variables. Moreover, the results showed a significant long-term and short-term relationship between financial soundness indicators and NIM in Jordanian banks. While the deposit utilisation ratio, capital adequacy ratio and non-performing loan (NPL) ratio exhibited a positive relationship with NIM, the analysis revealed a negative relationship between the statutory liquidity ratio (SLR) and NIM. However, the analysis did not show any significant impact of inflation and economic growth on the margin in both the long and short term. This study recommends that Jordanian banks adopt transparency policies in disclosing information related to financial soundness, develop advanced credit risk assessment systems and establish a specialised unit to study, analyse and manage bank liquidity, credit policy and NPLs.

Global warming, driven largely by carbon emissions, makes emission reduction a critical issue for both policymakers and firms. Voluntary carbon reduction mechanism provides an important pathway for non-controlled emission enterprises to participate in the carbon market. This study investigates the low-carbon transition and behavioral decision-making of non-controlled emission enterprises within the carbon market framework. A dual-sourcing newsvendor model is developed to analyze optimal ordering quantities and carbon reduction strategies under both sufficient and constrained financial conditions, and further to examine the effects of bank credit and equity financing on corporate decisions. The results show that the voluntary carbon market encourages enterprises to increase offshore orders and carbon reduction efforts, especially among those with abundant funds. Enterprises with limited financial resources also respond to carbon reduction incentives, but their improvement in emission reduction and ordering scale remains modest due to capital constraints. At moderate interest rates, bank financing effectively alleviates liquidity pressure and enhances the marginal return on carbon reduction investment, whereas high interest rates suppress such effects. Equity financing alleviates liquidity constraints to a greater degree under certain conditions, enabling enterprises to reach the optimal levels of carbon reduction and ordering decisions observed under sufficient funding.

This paper investigates the responsiveness of credit volumes to changes in lending rates in Indonesia and reexamines the strength of the monetary transmission mechanism through the credit channel. Using a vector autoregression framework applied to disaggregated bank credit data by sector, loan type, and firm size, we analyse how policy-driven interest rate movements propagate into actual lending outcomes. The results reveal a markedly uneven transmission: credit to micro, small, and medium enterprises (MSMEs) shows negligible sensitivity to interest rate changes, whereas lending to large firms responds more appreciably. In particular, bank credit to large corporates declines significantly when policy rates rise, consistent with conventional theory, while credit to smaller firms remains largely unaltered. These findings suggest that the traditional interest rate pass-through is fragmented and weak in key segments of the economy, undermining the efficacy of pricebased monetary policy. The analysis points to structural factors, including heterogeneous bank behaviour, borrower constraints, and a propensity of banks to shift toward safer assets in uncertain times as underlying causes. The findings imply the need for a more nuanced policy approach that complements interest rate adjustments with targeted interventions to achieve broad-based credit stimulus and effective monetary control.

Bank liquid reserve and food production provides a lifeline for effective and productive economic activities. The objective of this paper is to analyse the effect of banks liquid reserve and food export on economic development during conflict and used Ukraine’s data as a case. Problem statement. Bank liquidity position triggers a trade-off between bank credit risk performance and bank profitability. A delicate balancing act thus subsists between holding high liquidity at the expense of credit lending, investment boosting and economic growth, profit returns and credit risk incurrence. Purpose of the article. The purpose of this article is to evaluate how a combined effect of bank liquidity and food export affects economic growth, the degree of growth and the slant of growth. Unresolved aspects of the problem. there is scarcity of literature on the joint effect of bank liquidity and food export on economic growth of a country in conflict – particularly in contemporary Ukraine case. Presentation of the main material. The paper applied a quantitative approach by using the multiple regression model to examine the relationships. Secondary data on bank liquid reserve, food export and GDP for Ukraine was collected from economic indicator data archives of the World Development Indicators. Conclusions. Results from the analysis indicates that bank liquid reserve and food export have a significant impact on Ukraine’s economic performance during the war. The overall F-statistic is Signiant at P=0.000496. Furthermore, bank liquid reserve is significant at P=0.000495 with a positive regression coefficient of 122.3883. In addition, food export is significant at p=0.006234 with a negative regression coefficient of -131.289. The model’s coefficient of correlation is high at 0.884089 showing a close correlation. In addition, coefficient of determination (R2) is high at 0.781613 and adjusted R2 at 0.737936 which indicates a good model fit. The positive coefficient for bank liquid reserved indicates that bank liquid reserve has a positive and significant effect on Ukraine’s economy during the war, which implies that the capacity of banks to attract more liquid reserve provides significant assistance to Ukraine’s economic resilience during the time of conflict. Although food export is significant, but it has a negative coefficient emanating from the obstructions of exports logistics during the conflict as alternative routes of export comes at higher costs. The findings contribute to the literature by indicating that a healthy bank sector with sufficient liquid reserve is vital to support economic vibrancy and resilience during conflict.

Abstract This study examines the macroeconomic effects of Dubai’s growing reliance on developer-financed real estate and its consequences for monetary policy transmission. Using quarterly data for 2015–2025, we estimate Ordinary Least Squares and Instrumental-Variables (2SLS) models, complemented by local projections and an external-shock design. The dependent variable is a monetary policy effectiveness index; key regressors are developer financing and bank financing, with policy rates, inflation (CPI), and money supply (M2) as controls. Robustness is supported by standard diagnostics, and exogenous U.S. Federal Reserve surprises mapped to UAE rates provide identification. Results show developer financing exerts a statistically significant negative effect on policy effectiveness, weakening interest-rate pass-through and increasing liquidity pressures, whereas bank financing contributes positively. Liquidity expansions via M2 further reduce transmission strength, while CPI effects are muted. Dynamic responses indicate bank credit contracts after rate hikes, but developer-led installment flows remain largely unresponsive, confirming a shadow credit channel that circumvents conventional intermediation. The findings imply that non-bank financing should be incorporated into monetary and macroprudential frameworks. For emerging economies where real estate dominates credit formation, bringing developer-led lending into monetary aggregates, supervisory reporting, and stress testing is essential to safeguard policy effectiveness and financial stability.

This study aims to analyse the effectiveness of guarantees in bank credit agreements and leasing financing, specifically comparing personal guarantees and collateral. Using a normative research method, this study investigates the regulations governing both types of guarantees from the perspective of Indonesian positive law. The objective of this study is to provide a better understanding of when and why each type of collateral should be used, as well as to identify challenges in its application. Through literature studies, analysis of legislation, and a review of court decisions, this study finds that collateral offers greater legal certainty and facilitates execution, especially when the collateral has a stable market value. Conversely, personal guarantees provide flexibility in collateralisation but are highly dependent on the guarantor's financial capacity and good faith. The results of this study are expected to provide recommendations for legal practice in the field of financing and assist creditors in selecting the optimal type of collateral for their situation.

Agricultural enterprises operate within production cycles that are influenced by high seasonality, climatic risks, and market price fluctuations. The continuity of production processes depends on consistent access to capital resources to maintain liquidity and solvency, as well as to support investment and competitiveness. The role of bank financing is increasing and is key for agricultural enterprises. This article examines the attitudes of agricultural holdings towards bank financing, their preferred sources of capital, and identifies key barriers and drivers for access to credit. The analysis is based on a survey conducted among managers of agricultural holdings operating in the sectors of grain production, vegetable production, horticulture, and livestock farming. Frequency analyses, cross-tabulations by sector, turnover, and managerial experience, as well as the Net Promoter Score (NPS) for perceived “cost” of bank financing, were employed. The analysis identified several key findings: equity remains the preferred source for working capital financing: the use of bank credit increases with the scale of the farm, accounting for 59% of financing in farms with turnover exceeding BGN 200 000, compared to 34% in farms with turnover below BGN 200 000. Trade financing is used by 34% of respondents, mainly by more experienced farmers. Bank credit remains the preferred source of funds for investment, with leasing of long-term assets ranking second. The results indicate that the perceived cost of bank financing is negative, with an NPS of – 61. The study provides valuable insights for adapting banking products to seasonality and risk, for formulating clearer pricing policies, and for simplifying procedures and the design of guarantee schemes, leasing solutions, and insurance instruments. The survey offers a solid foundation for potential future panel tracking of attitudes, evaluation of the effects of guarantees and subsidies on credit access, assessment of digitalization impact, and causal analysis between financing structure, productivity, and sustainability.

This study examines the effect of credit of commercial banks on international trade in Nigeria using annual time-series data from 1990 to 2023 from the Central Bank of Nigeria statistical bulletin. The estimation is done using the Fully Modified Ordinary Least Squares (FMOLS) estimation method to determine the contribution of bank credit, exchange rate, inflation, gross domestic product, and structural reforms to trade performance. The findings show that these effects of bank credit and GDP on international trade are positive and relatively strong, whereas the exchange rate has both positive but moderate impacts. On the other hand, inflation shows no substantial effect, showing how little short-term fluctuations in price levels matter in trade. The results emphasize the role of financial sector development, macroeconomic stability and structural reforms, most notably the banking sector consolidation in 2005, in facilitating long-term trade growth. The paper has provided relevant policy recommendations to improve trade finance, exchange rate stability as well as financial inclusion as instruments of bolstering Nigerian integration into the global economy.

This study examines the role of three country-level factors for progress on SDGs in agri-food and financial sectors across 167 United Nations Member States. First, the role of governance quality in terms of three governance indicators (government effectiveness, regulatory quality and rule of law); second, the role of financial support from international organizations; and third, the role of sector-specific SDG policies. The results from PLS-SEM and panel regression analyses indicate that sector-specific SDG policies have a statistically significant but minimal impact on SDG progress. Governance quality is positively associated with SDG progress, with high-income countries relying more on governance effectiveness and regulatory quality, and low-income countries relying on the rule of law. We have weak evidence that increasing bank credit to the agri-food sector boosts SDG progress, especially in lower-middle-income countries. Implications for policymakers aiming to enhance SDG progress arise from the need to improve governance quality.

The theoretical link between bank credit expansion and financial vulnerability is explored in this paper. The study shows that during economic booms, banks often over-expand credit scale, which, while promoting economic growth in the short term, also accumulates systemic financial risks. The article first reviews key theoretical frameworks such as Minsky's financial instability hypothesis and the financial accelerator theory and analyzes the micro drivers and macro environmental factors of bank credit expansion, and then constructs theoretical models to reveal the intrinsic linkage mechanism between bank credit expansion and asset price fluctuations, rising leverage ratios, maturity mismatch, and liquidity risk. The study also shows that bank credit expansion alters the balance sheet structure of economic entities, increases the interconnectivity and complexity of the financial system, and thereby raises financial vulnerability. Finally, the article discusses counter-cyclical adjustment mechanisms within the macroprudential policy framework and the role of regulatory tools such as capital adequacy ratios and liquidity coverage ratios in curbing excessive credit expansion, and puts forward policy recommendations such as improving the financial regulatory system, optimizing the credit structure, and strengthening the risk early warning mechanism in the hope of finding a balance between promoting economic growth and maintaining financial stability.

ABSTRACT Information asymmetry fundamentally drives corporate financing constraints; yet traditional firm-level disclosures frequently fail to mitigate it due to their susceptibility to strategic manipulation and credibility deficits. This paper identifies open government data (OGD) as a pivotal solution that is an exogenous and institutionally validated information infrastructure, transcending the limitations of firm-controlled mechanisms. Leveraging China’s staggered provincial OGD platform launches in a quasi-natural experiment, we deploy a multi-period difference-in-differences (DID) design to identify causal effects. Results show OGD reduces financing constraints by 3.4% on average, primarily via two democratizing pathways: (i) expanding bank credit availability through increased unsecured lending, reducing reliance on traditional collateral; and (ii) strengthening non-bank financing via enhanced supply chain trade credit access, a critical yet policy-neglected channel. Heterogeneity analyses show that OGD most significantly alleviates financing constraints for informationally marginalized firms: SMEs and digitally mature firms by mitigating “thin-file” disadvantages; low-quality disclosers by offsetting credibility gaps; and firms with concentrated ownership by facilitating external monitoring. Crucially, for firms with robust internal controls, OGD complements governance through independent validation, highlighting its role as a governance amplifier rather than a substitute. This study provides empirical evidence that public data sharing can offer scalable solutions for enhancing financial inclusion.

The main objective of the study was to empirically investigate the commercial banks’ credit and deposit mobilization on economic growth in Nigeria. The source of information was the secondary source which was derived from Central Bank Statistical Bulletin. The method for data analysis used was multiple regression. The findings of this study revealed that all the variables increased steadily throughout the period under review. More so, the correlation test conducted showed very strong positive correlations between bank credits, Bank deposits and GDP. It is therefore recommended that financial sector of the economy should be standardized, emphasis should be laid on the stock market by expanding its transaction network as this will help in supporting the government effort and allow them concentrate on the major fundamental and basic infrastructures needed in the economy. Also, there should be a regulatory framework that will enable financial institutions to channel their resources to the most viable sectors of the economy so as to increase the level of economic development.

The Role of Bank Credit in Assessing Financial Risk and Predicting Financial Failure Using the Z-Score Model: Evidence from Iraqi Commercial Banks

This paper examines the combination of traditional banking credit assessment techniques with contemporary internal sales accounting systems in Kazakhstan, aiming to augment the precision and resilience of financial assessments pertaining to SMEs. The proposed model consists of two discrete components: a traditional credit scoring module that employs logistic regression and a supplementary sales analytics module that leverages ensemble machine learning methodologies — random forests and gradient boosting algorithms. The outputs generated by these components are amalgamated through an ensemble strategy, where optimal weighting coefficients are ascertained via cross-validation. An empirical analysis was conducted on a dataset encompassing 41,000 SME records from a prominent Kazakhstan bank alongside daily transactional sales data from 150 SMEs gathered between the years 2021 and 2024. The integrated hybrid model demonstrated a statistically meaningful enhancement in predictive efficacy, as evidenced by an increase in the area under the ROC curve from 0.76 to 0.87 and a decrease in mean squared error from 0.12 to 0.08 relative to the traditional methodology. The investigation delves into the transformative influence of digitalization on innovation within SMEs, elucidating that improved real-time data integration not only sharpens risk assessment processes but also promotes adaptive lending strategies and operational efficiencies.

This study aims to analyze the efficiency of digital and conventional banks in Indonesia using the Data Envelopment Analysis (DEA) method and examine the effects of bank size, digitalization, and credit risk on efficiency. The data covers eight digital banks and eight conventional banks during the 2024–2025 period, with input variables: labor costs, total assets, and operational costs; and output variables: interest income, third-party funds (TPF), and total disbursed credit. The analysis results show that digital banks have a higher average efficiency level (0.91) than conventional banks (0.83). Bank size has a significant positive effect on efficiency, while digitalization and credit risk (NPL) have a negative effect. These findings emphasize the importance of business scale and risk management in maintaining banking efficiency in the digital era.

ABSTRACT This study investigates the impact of China’s unified national market (CUNM) on bank credit procyclicality and its underlying mechanisms. Findings indicate that the unified national market mitigates bank credit procyclicality by enhancing the diversification of banking operations. Furthermore, the mitigating effect is more pronounced for banks with lower capital adequacy ratios and urban and rural commercial banks. This study adds to the existing literature on the relationship between the unified national market and banking behaviour.

ABSTRACT The impact of the financial cycle on economic fluctuations has been given more and more attention, and the core mechanism is the financial accelerator mechanism. As an emerging force, digital finance’s potential moderating effects on this mechanism warrant rigorous empirical investigation. Based on the dual perspectives of macro and micro analysis, we uses China’s provincial panel data from 2011 to 2021 to explore the impact of digital finance development on the financial accelerator mechanism from the macro level. The results show that the development of digital finance has an asymmetric effect of weakening the financial accelerator mechanism and thus reducing the impact of financial cycle on macroeconomic fluctuations. From the micro mechanism, the development of digital finance weakens the impact of financial cycle on bank credit supply and corporate credit acquisition at the same time, thus weakening the financial accelerator mechanism of endogenous and exogenous credit constraints. The conclusions of this paper provide empirical evidence for optimizing the development of digital finance, preventing financial cycle risks, and maintaining economic stability in China.

Background Public health education in India faces several challenges like non-uniform curricula, limited emphasis on experiential and competency-based learning, and inadequate infrastructure. Addressing these challenges demands significant changes in public health education to align it with Sustainable Development Goals 4 and National Education Policy (NEP) 2020 in particular. To overhaul the Masters of Public Health (MPH) program with a focus on holistic and multidisciplinary approaches, objective of this paper was to propose a framework for MPH program in alignment with NEP 2020. Methods A thorough desk review of NEP 2020 for reforms in higher education was conducted. Nine documents by University Grants Commission (UGC) detailing implementation of the policy at higher education level were reviewed for their relevance to MPH programs. Various guidelines to align MPH programs with policy’s proposed reforms were identified. MPH framework was developed on the basis of these guidelines. Results MPH programs in India are not in alignment with NEP 2020 reforms. The framework suggested in this study includes guidelines on: (1) Flexible career pathways, (2) multiple entry and multiple exits, (3) levels, level descriptors, qualification specifications and graduate attributes, (4) credit system and Academic Bank of Credit, (5) evaluation and assessment, (6) Incorporation of Massive Open Online Courses (MOOC), Indian Knowledge System (IKS) Courses and Courses on Human Values and Ethics, and (7) provisions for recognition of prior learning (RPL) thus aligning the MPH program with selected policy reforms. Conclusion MPH programs can be aligned with certain reforms suggested by NEP 2020. The proposed framework can provide a solid background for transforming MPH programs in India, making them more flexible, interdisciplinary, research oriented and improving their quality.