Banks In Countries Research Articles

Does market structure mediate relationship between merger and acquisition and performance of Islamic and conventional banks?

Purpose Merger and acquisition (M&A) plays an important role in developing the financial sector. The purpose of the paper is to analyze and evaluate the effects of M&As on the outcome of Islamic and conventional banks. Furthermore, examines the mediating role of market structure between M&A and bank outcome. Design/methodology/approach This paper uses POLS, panel data techniques and structural equation modeling to analyze a set of samples for 24 banks consisting of 10 Islamic banks and 14 conventional banks involved in M&A from 2004Q1 to 2020Q4 from 6 countries. Findings Generally, M&A improves the post-M&A performance of Islamic banks and conventional banks. However, there is size issue. Bank size positively affects Islamic bank performance while conventional does not. Furthermore, market structure mediates the relationship between M&A and the operational performance of Islamic and conventional banks. Implying that after M&A, the market becomes concentrated while it reduces competition. Research limitations/implications Number of banks are limited due to unavailability of data for pre and post-M&A. Future researches can be carried out to study the cross-border M&A along with the regulation between Islamic banks in GCC and Asia Pacific countries. Practical implications Improving operational performance plays a significant role. To enhance the performance of Islamic banking industry, M&A between small Islamic banks could be beneficial depending on the market structure. Originality/value The mediation role of market structure in between M&A and performance for Islamic and conventional banks is the main contribution of the study.

The role of activity restrictions on financial intermediation costs in ASEAN countries

Purpose The purpose of this study is to examine the role of activity restrictions on the financial intermediation costs in ASEAN countries. Design/methodology/approach This study used the two-step system generalized method of moments approach to tackle the endogeneity problems. The sample consists of 130 banks from ASEAN countries covering the over 2009–2022 period. Findings This study provides valuable insights into various dimensions of activity restrictions within the banking across ASEAN countries. The findings highlight that imposing restrictions on activities such as securities, insurance and real estate can significantly elevate intermediation costs, affecting the overall efficiency of the banking sector. Furthermore, restrictions on ownership lead to higher intermediation costs by limiting operational flexibility, thereby constraining banks’ ability to optimize their financial services. Research limitations/implications The sample of this study is limited to banks in ASEAN countries and focuses only on the regulations restricting banking activities. Practical implications The findings suggest that policymakers should conduct a comprehensive review and potential adjustment of the existing regulatory framework related to restrictions on banking activities to strike an optimal balance between risk mitigation and fostering an environment that enhances banks’ efficiency. In addition, regulators could consider introducing regulatory reforms to ownership-related restrictions to promote greater flexibility and adaptability in the banking sector. Originality/value This research contributes to the field of banking by offering valuable insights for policymakers and regulators in ASEAN countries. It provides empirical evidence on the impact of activity restrictions on financial intermediation costs, highlighting key factors for developing more effective regulatory strategies.

ANALISIS FAKTOR-FAKTOR YANG MEMENGARUHI PENYALURAN KREDIT DOMESTIK PADA ASEAN COUNTRIES

This research aims to analyze the determinants of interest rates, profit tax, total debt service, gross domestic product (GDP), and time to resolve insolvency on domestic credit by banks in ASEAN countries. This research is descriptive quantitative research using secondary data obtained from the World Bank website in 2013-2022 by taking a sample of ASEAN countries namely Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, and Brunei Darussalam. The analysis used in this research is the panel data regression method. This research is expected to contribute to government policy, namely improving credit quality in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, and Brunei Darussalam. The result show that time to resolve insolvency is significant to domestic credit to private sector by banks, while nominal interest rates, profit tax, total debt service, and gross domestic product have no significant effect.

Digital Banking Across the Balkans: Navigating Adoption, Innovation, and Regional Challenges

Digital banking has emerged as a major force in reshaping financial services globally, providing greater access, efficiency, and cost savings. This study focuses on the usage and adoption of digital banking in the Balkan countries, including Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia, Romania, Serbia, and Slovenia. These nations, at varying stages of economic development and regulatory alignment, offer a unique context for exploring the trends, drivers, and barriers to digital banking. The article begins by examining the global rise of digital banking and its potential to address financial inclusion, particularly in emerging markets. It then provides an in-depth analysis of the Balkan region, where some countries have embraced digital banking more rapidly, while others face challenges such as limited infrastructure, digital literacy, and regulatory hurdles. Through a comparative analysis, this paper identifies the key factors influencing digital banking penetration, including technological advancements, economic conditions, regulatory frameworks, and consumer trust. The study utilizes secondary data from a range of sources, including financial reports, statistical databases, and academic literature. Received: 2 August 2024 / Accepted: 31 October 2024 / Published: 3 December 2024

Sharia-supervisory board’s characteristics and green banking disclosure: exploring from Islamic banking in MENA countries

Purpose This study aims to investigate the extent to which the characteristics of Sharia supervisory boards (SSB) in banking institutions impact the disclosure of information pertaining to green banking practices. Design/methodology/approach A comprehensive dynamic panel data analysis approach was applied to a data set comprising Islamic banks from 15 countries in the Middle East and North Africa (MENA) region, covering the period from 2012 to 2022. In addition, a series of robustness and endogeneity analyses were conducted to ensure the consistency of the main findings. Findings This study shows that the characteristics of the SSB significantly impact the green banking disclosure practices of Islamic banks. Specifically, the proportion of board members who hold multiple SSB positions and the presence of foreign board members exhibit a negative and significant effect on green banking disclosure. Conversely, the size of the SSB is positively and significantly associated with green banking disclosure. Thus, the extent of green banking disclosure in Islamic banks is likely to increase with the size of the SSB. However, an increase in board members’ external commitments and a higher proportion of foreign board members are associated with a decline in green banking disclosure. Further analysis supports these findings, confirming their consistency across different contexts. Research limitations/implications The findings of this study highlight the critical role that the composition and characteristics of the SSB play in shaping the green banking practices of Islamic banks in MENA countries. These insights provide valuable guidance for policymakers and Islamic financial institutions aiming to strengthen sustainability practices while adhering to Shariah principles. As green banking becomes increasingly crucial in the global financial landscape, optimizing the SSB’s composition could be a key driver in advancing the environmental goals of Islamic banking in the MENA region. Practical implications Islamic banks in the MENA region should focus on optimizing their SSB composition to enhance green banking disclosure. Increasing the size of the SSB can positively influence disclosure practices. However, banks should manage board members’ external engagements to ensure they have sufficient focus on green initiatives. Strategic recruitment of foreign members with a commitment to sustainability, coupled with targeted training programs, can further improve disclosure. Originality/value Specific SSB characteristics such as size and foreign board members influence disclosure of green banking, which previous studies did not conduct research on.

Evaluating Objectives of TVET in Kenya in Light of Pragmatic Theory towards Lifelong Learning: A Holistic Approach to Competency Training

The United Nations Educational, Scientific and Cultural Organization (UNESCO), World Bank and different countries including Kenya have placed education and training as a central tool towards youth employability and realization of the industrialization agenda. Despite the dying industries and increase in demand for employability skill in training, TVET graduates lack employability skills. The study was tasked to evaluating objectives of Technical Vocational Education and Training (TVET) in Kenya in light of pragmatic theory towards lifelong learning: A holistic approach to Competency Training. The study sought to answer the following research question; what are the objectives of TVET in Kenya in light of pragmatic theory towards lifelong learning. The study was a literature review and both Primary and secondary sources were used, this overruled the adoption of quantitative tools and methods towards data collection and analysis. Since the study was a qualitative review, constructivism paradigm and a philosophical design were adopted. The methods were philosophical analysis and synthesis. Philosophical analysis method was used in reviewing commissions, presidential taskforce reports, acts of parliament and policies. Synthesis method was adopted in developing arguments and searching for the findings of the study. The study found out that education and training in Kenya has been polished by Policy documents and Taskforce reports towards realizing the country’s development agenda. The study also found out that the objectives of TVET have not been explicitly stated in the past documents it is after the TVET Act 2013 that clearly reorients TVET as an engine of attaining The Kenya Vision 2030.The objectives of TVET are; committed in training for skill development, social efficiency and democratic participation however skill development has been overemphasized. Implications of the study identify TVET as an engine of national development that has been all along given a low profile, lowly funded and a level of training that accommodates majority of the secondary graduates. The study recommends promotion of holistic competency training that promotes lifelong learning whereby emphasis is on the competencies for the world of work and not only for employability and economic development.

Status of Digital Payments in BRICS Countries

Rapid technological advancements and FinTech initiatives in the recent past have been facilitating the transformation of financial and payment services across the globe. The present study examines the status of digital payments, digital payment environment and digital financial inclusion among the BRICS countries. The digital payment trends in the BRICS countries for the period 2011–2021 through the access and use indicators of digital payments are compared. There exist significant differences between the BRICS countries and the developed countries for both the access and use indicators of digital payments, which requires the respective governments and central banks of BRICS countries to take necessary steps to achieve the goal of digital financial inclusion. JEL Codes: E42, E58

The impact of cybersecurity disclosure on banks’ performance: the moderating role of corporate governance in the MENA region

This study aims to: (1) examine the impact of cybersecurity disclosure on banks’ performance and (2) explore whether the existence of a chief risk officer (CRO), an information technology (IT) committee, and a board of directors (BOD)’ size moderates the association between cybersecurity disclosure and bank performance. The study used manual textual analysis to measure cybersecurity disclosure in a sample of listed banks in the MENA region countries based on data from 2019 to 2021. The data were collected from annual reports and financial statements of banks available at Orbis Bank Focus database. The study employed a random effect regression model to test the hypotheses and discuss the results. The findings show that banks in the MENA region are increasingly interested in disclosing cybersecurity information, where cybersecurity disclosure over the sample years is increasing from 17% in 2019 to 19.6% in 2021. In addition, the results show that cybersecurity disclosure has a positive and significant influence on bank performance. Furthermore, the findings indicate that the presence of a CRO moderates the relationship between cybersecurity disclosure and bank performance. These findings show that depending largely on a bank's CRO to handle complex and dynamic risks can have serious consequences for decision making processes connected to managing cybersecurity risk and disclosure. This paper creates a new research paradigm by focusing on the disclosure of cybersecurity information in the MENA banking sector, where exploring the moderating role of the CRO, IT committee, and board size in enhancing the cybersecurity disclosure-bank performance relationship is lacking. The findings provide practical implications for various stakeholders, where it reveals the current practices of cybersecurity disclosure of banks in the MENA region with the objective of minimizing information asymmetry, maintaining public trust, and identifying potential risks of financial distress. In addition, the results direct the attention of banks and regulators toward the role of CRO in risk governance, particularly in managing cyber risks within the banking industry.

A comparative study of implementation Basel III between commercial and Islamic banks: a bibliometric analysis and systematic literature review

Purpose This study aims to compare up-to-date research on Basel III implementation between commercial and Islamic banks in both developed and developing countries. The research examines the five main variables (capital, liquidity, lending growth, size of banks and performance) used in studies listed in the Scopus database, using bibliometric analysis and a systematic literature review (SLR) as methodologies to map the research landscape and synthesize the results of existing literature on the subject. The findings clarify that most differences in the results of previous studies relate to the impact of Basel III on capital and the size of banks, whether at the country level or based on the type of bank. However, most studies illustrate a positive effect of implementing Basel III regulations on lending growth and liquidity, regardless of the type of bank or the level of the country. Overall, the impact of Basel III on performance shows a positive result for all studies on commercial banks in developed and developing countries, except for one study that found a negative effect. Design/methodology/approach This study used a bibliometric analysis and SLR as a methodology to map the research landscape domain and compare current trends of Implementation Basel III between commercial and Islamic banks in the literature. Findings The finding clarified that most differences in the results of previous studies were regarding the impact of Basel III on capital and the size of banks, whether at the level of the country or the type of bank. However, most studies illustrate a positive effect of implementing Basel III regulations regarding lending growth and liquidity, whether by type of banks or level of the country. Overall, the impact of Basel III on performance shows a positive result for all studies on commercial banks in developed and developing countries, except for one study that found a negative effect. Originality/value By using bibliometric analysis and an SLR, this study uniquely synthesizes existing literature while highlighting notable disparities in outcomes based on bank type and country context. In addition, it emphasizes the need for tailored regulatory frameworks that account for the specific characteristics of different banking institutions, particularly small and medium-sized banks. This nuanced approach not only contributes to the academic discourse but also offers practical insights for policymakers and practitioners, addressing gaps in current research and proposing future directions for investigation.

Effect of External Debt On the Financial Performance of Commercial Banks in Kenya (2008-2022)

This study analyses the impact of external debt on the financial performance of commercial banks in Kenya for the period 2008-2022. Employing descriptive, correlational, and inferential research designs, the study reviewed data from the Central Bank of Kenya, the World Bank, KNBS, and IMF on a quarterly basis. By employing the Augmented Dickey-Fuller test, ROE and external debt were further qualified to be stationary at first difference. The results highlighted by the Autoregressive Distributed Lag (ARDL) analysis indicated a statistically significant negative relationship between external debt and financial performance; the coefficients (-0.8998) confirmed that for every unit of increase in external debt, there would be a decline in ROE by 0.8998 units. The study establishes that external debt has been detrimental to the financial health of Kenyan banks due to the economic pressure it brings to the sector. For this purpose, it suggests that the government should avoid borrowing from external sources, and it has advised the development of measures that encourage overseas investors to invest in the country's banking sector. The policy of attracting FDI can enhance capital availability and alleviate the financial load on banking institutions. Relaxing regulations that restrict foreign investors would pave the way for this and help increase the bank’s performance, thus enhancing long-term economic growth.

Banking on distant shores: a comparison of the development of foreign banks in pre-World War I China and Japan

Abstract This article provides the first in-depth systematic comparison of foreign banking in pre-World War I China and Japan. As the article shows, after their entry into China and Japan, the presence and activities of foreign banks in China and Japan differed markedly, with these banks developing a much more prominent position in China. Making use of sources in German, English, Chinese, and Japanese, this article aims to explain why foreign banks in China and Japan developed so differently before World War I. It does so by first providing an overview of the development of foreign banks in both countries and then discussing their activities and development with regards to Chinese and Japanese financial institutions, trade finance, and public finance. The article shows that it was Japan's emphasis on financial reforms that led to the limited presence of foreign banks in that country.

An Analysis of the Impact of Self-Help Group Bank Linkage Program on Sustainable Development

India's banking system has advanced its reach to the poorest people in urban and rural areas. It is recognized that their credit requirements are frequent, unpredictable and very small. However, these are crucial for the development of the rural regions. Therefore, the country's banking system has emphasized this area to promote savings and insurance financial products in this target population. Hence, alternative policies, procedures, and systems have been developed to fulfil these people's credit requirements. One such program is Self-help Group Bank Linkage, which is implemented to provide easy microfinance to members of these groups. This paper adopts a qualitative research methodology to discuss the impact of self-help bank linkage programs on sustainable development. This is assessed through a framework of UN’s 17 sustainable development goals. A systematic review has been conducted to determine the effectiveness of this program in attaining these goals in India. The study's results pointed out this program's impact on sustainable development. It has been found to directly and indirectly impact the attainment of many UN sustainable development goals. The study aims to analyze the effectiveness of microfinancing programs in rural India in achieving UN sustainable development goals. Entire rural India is considered for this paper. A qualitative research methodology has been adopted for this paper. Past research work and governmental data have been used to find the impact of self-help bank linkage programs on poverty alleviation. Household incomes have increased, and people have become financially empowered. There is a broader contribution to sustainable development practice and theory with the implementation of this program. People have gained access to better housing, education, clean drinking water, energy and health.

Does the growth of Fintech Start-ups influence the Bank’s Financial Performance in ASEAN-5 countries?

The ASEAN (Association of South-East Asian Nations), established in 1967, comprises ten member countries, including Indonesia, Malaysia, the Philippines, Singapore, and Thailand (ASEAN-5), which represent 66% of the region's population. The banking sector, a crucial element in economic growth, has been significantly influenced by the rise of Fintech start-ups, which offer new technologies and business models such as digital payments and peer-to-peer lending. This study examines the impact of Fintech on the financial performance of banks in the ASEAN-5 countries from 2019 to 2022, considering factors such as government regulations, technological advancements, and the COVID-19 pandemic. The research explores how Fintech growth has affected key financial performance indicators, including Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin (NIM). It highlights the fluctuations in ROE across ASEAN-5 countries and discusses the mixed impacts of Fintech on bank performance, with some studies indicating negative effects due to disruptive innovation and others showing positive impacts through financial inclusion and automation. The study also investigates internal factors like company size and capital ratio, which influence bank performance. Company size, measured by total assets, and the capital ratio, reflecting equity to assets, are analyzed to understand their effects on financial performance. Additionally, external factors such as GDP and inflation are considered as control variables to isolate their impact on bank performance. By evaluating these variables, the research aims to provide insights into how banks in ASEAN-5 can adapt to the evolving financial landscape shaped by Fintech innovations and external economic conditions.

Comparison of Production Indexes and GDP Levels of Russia and Turkey over the Years

This research aimed to compare the production indexes and GDP levels of Russia and Turkey over the years. The study uses manufacturing and GDP statistics for Turkey and Russia from the World Bank's Country Reports for the years 2002–2023. The data was analyzed using relational and descriptive scanning techniques. The mean MVA value of Türkiye was 128.033.708.560,22±45.970.873.474,95 with 60.042.508.306,24-210.698.007.198,77 range. For Russia, the MVA mean was 164.593.974.821,70±25.737.507.037,58 with 114.335.877.575,54-210.748.733.491,24 range. The mean MVA was significantly higher in Russia (p<0.05). GDP differences between Türkiye and Russia were statistically insignificant (p>0.05). Manufacturing value added in Türkiye had a higher range and lower mean compared to Russia. Pearson correlation analysis results between MVA and GDP showed that in Türkiye, MVA was significantly and positively correlated with GDP (r=0.599; p<0.01). Similarly, MVA was positively correlated with GDP in Russia (r=0.729; p<0.01). Although Turkey and Russia significantly convert their value added production into economic value as GDP, Russia is more successful than Turkey in terms of correlation coefficient. In other words, Russia's value added production is more convertible to the economy than Turkey's.

Clusters of African countries based on the social contacts and associated socioeconomic indicators relevant to the spread of the epidemic

IntroductionIt is well known that social contact patterns differ from country to country. This variation coincides with significant socioeconomic heterogeneity that complicates the design of effective nonpharmaceutical interventions. This study examined how socioeconomic heterogeneity in selected African countries might be factored in to explain better patterns of social contact mix between countries.MethodsWe used a standardized contact matrix for 32 African countries, estimated in (Prem et al. in PLoS Comput Biol 17(7):e1009098, 2021). We scaled the matrices using an epidemic model from (Röst et al. in Viruses 12(7):708, 2020). We also analyzed aggregated data from the World Bank country website. The data includes 28 variables; social, economic, environmental, institutional, governance, health and well-being, education, gender inequality, and other development-related indicators that describe countries. Principal component analysis was used to visualize socioeconomic similarities between countries and identify the indicators for maximum variation. The (2D)2PCA\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$(2D)^{2} PCA$\\end{document} approach was used to reduce the dimension of synthetic contact matrices for each country to avoid the dimensionality curse. Then, hierarchical aggregate clustering was used to identify groups of countries with similar social patterns, taking into account the country’s socioeconomic performance.ResultsOur model yielded four meaningful clusters, each with a few distinguishing features. Social contacts varied between groups, but were generally similar within each set. The socioeconomic performance of the country influenced the clusters.ConclusionsOur results suggest that integrating socioeconomic factors into social contacts can better explain infectious disease transmission dynamics and that similar interventions can be implemented in countries within the cluster

Mergers and acquisitions in OIC countries: the role of strategic similarity in bank performance

Purpose - This research aims to evaluate the impact of strategic similarity on MA performance in banking within OIC countries. The study investigates how strategic alignment influences MA outcomes and explores the role of cultural fit, cross-border factors, and capital adequacy in shaping post-merger success.Method - A quantitative approach is used in this study, using secondary data from annual reports of banking institutions in OIC member countries that experienced mergers and acquisitions from 2013 to 2022. This study uses 38 MA transaction data obtained from Bank Focus. The hypothesis is tested using a partial least squares structural equation model.Result - The finding reveals that the strategic similarity factor could not explain the success of MA performance for both Islamic and conventional banks. Cultural misalignment and cross-border regulatory issues are key factors affecting post-merger success. The one-year observation period was too short, but capital adequacy was found to influence performance significantly.Implication - Theoretically, models of MA success should include cultural and regulatory dimensions and consider a longer-term view. Managers should prioritise cultural integration, address regulatory challenges, and align capital adequacy strategies to improve post-merger outcomes and resilience.Originality - This research discussed the factors determining successful MA performance in banks in OIC countries. The findings can be used to develop insights into mergers and acquisitions in the banking sector.

Determinants of bank deposit in a small economy’s banking sector: a study of Fiji

PurposeDeposits, a liability component of banks’ balance sheet, are an important source of funding for commercial and retail banks. In this study, the authors consider deposits as dependent variable and examine factors (bank-specific, macrofinance and structural) that could plausibly explain deposits. Subsequently, the findings are expected to support analysts, bank managers and regulators, especially in small economies such as Fiji, for asset–liability management.Design/methodology/approachThis study uses a balanced panel of six commercial banks and two credit institutions over the period 2000–2022. To control for bank heterogeneity, a fixed-effect regression method is used.FindingsBank-specific variables such as bank size, profitability, loan-to-deposit ratio and bank stability are positively associated with bank deposits, whereas the capital adequacy ratio is negatively associated with bank deposits. Macroeconomic variables such as remittances and gross domestic product per capita are positively associated with bank deposits. Moreover, institutional variables such as control of corruption, political stability and regulatory quality are positively associated with bank deposits. However, tail events such as the global financial crisis of 2007–09 and the COVID-19 pandemic negatively influence bank deposits. Structural breaks for 2007 and 2011 of two banks (Bank of the Baroda and Bank of the South Pacific, respectively) are positively associated with bank deposits.Originality/valuePrevious studies have considered profitability, competition, nonperforming loans and stability of banks in Fiji. To the best of the authors’ knowledge, this study is the first to consider the determinants of bank deposits, an important source of funds for banks in many small countries including Fiji. In addition, this study examines the impact of structural breaks, tail events such as the recent pandemic (COVID-19) and institutional variables.

Small and medium-sized enterprises and sustainable transition: Role of FinTech in a country's banking ecosystem

During the sustainable transition, small and medium-sized enterprises (SMEs) request funding to support environmental, social, and governance (ESG) investments. In particular, these requests clash with information asymmetries typical of the bank–firm relationship, causing SMEs to experience credit crunch phenomena or increased loan costs. This aforementioned phenomenon prompted this study to examine whether FinTech increases banks’ ability to support the development of SMEs aimed at achieving ESG or, better yet, sustainable transition goals. The results suggest that FinTech in a country’s banking ecosystem improves the ESG performance of Italian and British SMEs by addressing adverse selection and moral hazard issues. This study also shows a more pronounced effect in the UK banking ecosystem, which has a higher level of FinTech development and diffusion.

Exploring the Moderating Effect of Institutional Quality on the Nexus between Remittances and Financial Development: A Comprehensive Analysis

Purpose –The purpose of this paper is to analyse the moderating effect of institutional quality on the relation between remittances and financial development in low-income economies. The long-term and short-term effects of remittances on financial development have been investigated.Design/methodology/approach –World Bank country classification is considered to categorize low-income countries. These nations are characterized as having Gross National Income (GNI) per capita falling under the threshold of $1,085. 17 countries are included in the dataset spanning the years 2002 to 2022. Panel Autoregressive Distributed Lag Pooled Mean Group (ARDL-PMG) approach is used in this study. Using the PMG approach allows for distinct analysis of long-term and short-term dynamics. Findings –According to the findings obtained from the PMG estimator, institutional quality serves as a moderating factor in the nexus between remittances and long-term financial development. These findings indicate that in nations with robust institutional frameworks, remittances are channelled more effectively and promptly towards bolstering financial development, in contrast to regions with weaker institutional structures. Furthermore, it is noted that institutional quality demonstrates a positive correlation with long-term financial development. However, these conclusions do not hold in the short term. Discussion –The results of this study align with the findings reported in the previous literature. By using the ARDL-PMG model and by considering low-income countries, an important contribution is made to the financial development literature.

Cross-context equivalence and agreement of healthy diet metrics for national and global monitoring: a multicountry analysis of cross-sectional quantitative 24-hour dietary intake studies

BackgroundDespite national and global commitments to improve nutrition, there are no universally accepted indicators for at-scale monitoring of diets. Several metrics have been proposed and used, but they vary in their comprehensiveness and validity in capturing the properties of healthy diets and, potentially, their interpretability across contexts. ObjectiveThe objective of this study was to assess the cross-context equivalence and agreement of healthy diet metrics. DesignQuantitative 24-h dietary intake data from 57,456 nonpregnant females (15–49 y) in 21 countries were used to construct the food group diversity score (FGDS) and Minimum Dietary Diversity for Women indicator; the Global Diet Quality Score (GDQS) and its submetrics: GDQS+ and GDQS−; the Global Dietary Recommendations (GDR) score and its submetrics: noncommunicable disease (NCD)-Protect and NCD-Risk scores; and the All-5 indicator. Associations between (standardized) measures and indicators were quantified by fitting linear and logistic mixed-effect models across World Bank country income classifications, respectively. The levels of agreement between measures were assessed using Bland–Altman plots of z-scores, whereas rank correlations were assessed using Spearman’s ρ. ResultsThe consumption of healthy food groups was positively associated with concurrent intakes of unhealthy food groups, in particular in high-income countries. Hence, metrics constructed using both healthy and unhealthy food groups (i.e., GDR score and GDQS) showed relatively less discriminatory capacity across country income classifications than their respective submetrics or FGDS. Standardized metrics of healthy (e.g., FGDS and GDQS+) and unhealthy food group consumption (i.e., NCD-Risk and GDQS−) exhibited strong agreement and correlations. ConclusionComposite metrics weighting both healthy and unhealthy food groups have limited cross-context equivalence, because a wide range of diets can theoretically return similar scores. Healthy food group (sub)metrics performed comparably, likely indicating strong underlying construct validity (i.e., dietary diversity and nutrient adequacy). For national and global monitoring, refinement and validation of unhealthy food group metrics (i.e., moderation) is recommended to complement healthy food group metrics.