The COVID-19 pandemic placed exceptional strain on essential services, raising urgent concerns about the mental well-being of workers in critical sectors. This study examines the short- and medium-term effects of the COVID-19 pandemic on the mental health of health and social care (HSC) workers in the UK relative to other occupational groups. Using data from the UK Household Longitudinal Study and measuring mental health via the General Health Questionnaire (GHQ), we apply a difference-in-differences strategy, where both groups could be treated only in the second period (a pre-post design), to investigate whether HSC workers experienced distinct mental health trajectories compared to other key workers (KWs) and workers in non-essential sectors (non-KWs). The results for the immediate post-pandemic period (April-November 2020) show no significant differences in mental health for HSC workers compared with either comparator worker groups. Medium-term outcomes remained statistically insignificant across occupational comparisons. Additional analyses of individual GHQ items and potential mechanisms (financial stability and social isolation) suggest limited heterogeneous effects for each worker group using yearly data. While all studied groups exhibited some deterioration in mental health after 2020, HSC workers' trajectories largely mirrored those of other KWs and non-KWs, suggesting that factors such as stable employment and financial security may have cushioned the psychological impact for this sector.

Abstract The banking sector is one of the most important pillars of economic development and financial stability. The performance and efficiency of employees play a major role in determining the success of banking institutions. In recent years, increasing attention has been given to the role of workplace conditions in influencing employee productivity. A healthy workplace environment refers to a setting where employees feel physically comfortable, mentally secure, and socially supported while performing their duties. This study focuses on understanding how different aspects of the workplace environment influence the productivity of bank employees. Information for the research was gathered through questionnaires and informal discussions with employees working in various bank branches

This paper examines the European Central Bank’s (ECB) monetary policy response to elevated inflation and geopolitical uncertainty during the period 2022–2025. In the aftermath of the COVID-19 pandemic and Russia’s invasion of Ukraine, euro-area inflation reached multi-decade highs, posing serious challenges to price stability and financial market confidence. The study analyzes the ECB’s key policy measures, including rapid interest rate increases, adjustments to asset purchase programs, and the deployment of new policy tools aimed at stabilizing markets and anchoring inflation expectations. Using macroeconomic data and policy analysis, the paper evaluates whether these measures were effective in containing inflation without triggering financial instability. The findings highlight the trade-offs faced by central banks during overlapping economic shocks and provide policy-relevant lessons for future crisis management.

The rapid advancement of digital technology has significantly transformed the global banking industry, including in Malaysia. Digital transformation has become a key strategy for banks to improve operational efficiency, expand service outreach, and meet the evolving expectations of increasingly digital-savvy customers. Amid this trend, the adoption of technologies such as mobile banking, internet banking, and artificial intelligence serves as a critical indicator of a bank’s digital readiness. However, behind its promising potential, digital transformation also presents new challenges, especially for banks with less stable financial conditions. Large-scale investments in technology may impose additional pressure on profitability, particularly if not accompanied by adequate risk management.This study aims to analyze the effect of digital transformation on the financial performance of commercial banks in Malaysia and examine the moderating role of bankruptcy risk (Z-Score). A quantitative approach was used with secondary data from eight commercial banks during the 2019–2023 period. Panel data regression with the Common Effect Model was employed. The results indicate that digital transformation has a positive effect on Net Interest Margin (NIM), and that Z-Score significantly moderates this relationship. These findings highlight that the success of digitalization is highly dependent on a bank’s internal financial stability.

Climate risk and financial stability: A systemic risk perspective from Thailand

Climate change risk and financial stability: How ESG moderates physical and transition risks in non-financial firms of Pakistan

Measuring financial stability and comparing financial risk monitoring indicators

This paper examines the influence of Monetary Policy Transparency on Foreign Equity Portfolio Allocation by addressing the informational frictions that shape cross-border investment in Financial Markets. Building on recent developments in central bank communication, we construct a multidimensional measure of Monetary Policy Transparency that extends traditional frameworks by incorporating Accounting Information Transparency and Financial Stability Transparency. This enhanced index provides a more comprehensive representation of the informational environment faced by foreign investors. Using a panel of developed and emerging economies over a twenty-year period, the empirical analysis combines OLS and system GMM estimations to account for endogeneity, dynamic effects, and unobserved heterogeneity. The results indicate that higher levels of Monetary Policy Transparency significantly increase the attractiveness of domestic equity markets to foreign investors, with heterogeneous effects across country groups linked to differences in institutional credibility and financial integration. Overall, the findings highlight multidimensional transparency as a key determinant of Foreign Equity Portfolio Allocation, underscoring the strategic importance of Accounting Information Transparency and Financial Stability Transparency in shaping foreign equity portfolio allocation.

Banks’ stock market reaction to prudential policy announcements: The role of central bank independence and financial stability sentiment

The impact of the new 'guard rails' for price negotiations on pharmaceutical expenditure in Germany: A simulation exercise and retrospective analysis.

The digitalization of financial services has transformed traditional financial systems and posed significant challenges for civil law regulation. This study aims to analyze the priorities of state policy in regulating digital financial services, with particular attention to the legal recognition of digital financial assets as objects of civil law. Using a qualitative doctrinal research methodology, the study examines peer-reviewed journal literature on fintech, cryptocurrency regulation, and civil law theory. The research relies on scholarly analysis accessed through Google Scholar and contextual regulatory information from public domain sources. The findings reveal persistent legal uncertainty regarding the classification of digital financial assets, significant fragmentation in regulatory approaches, and a growing scholarly consensus on the need for adaptive legal frameworks. The study concludes that functional, technology-neutral regulation and explicit civil law recognition of digital financial assets are essential for ensuring legal certainty, financial stability, and sustainable digital innovation.

Crypto currency has emerged as a transformative innovation in the global financial ecosystem, offering decentralized, borderless, and technology-driven alternatives to traditional monetary systems. Built on block chain technology, crypto currencies provide opportunities such as faster cross-border transactions, reduced transaction costs, enhanced financial inclusion, and new investment avenues. They also promote transparency and security through distributed ledger systems. However, alongside these benefits, crypto currencies pose significant regulatory and legal challenges. Issues such as price volatility, lack of investor protection, cyber security risks, money laundering, tax evasion, and the absence of a unified global regulatory framework create uncertainty for governments and financial institutions. Policymakers across countries face difficulties in balancing innovation with financial stability and consumer protection. This study explores both the opportunities presented by crypto currency adoption and the major regulatory challenges that hinder its integration into the mainstream financial system. The paper highlights the need for coordinated international regulations, technological safeguards, and policy measures to ensure sustainable and secure growth of the crypto currency market

For much of the 20th century, the South African mining industry had a statutory compensation system for pneumoconiosis and tuberculosis characterized by gross racial inequality. This study examines the impact of inflation over the period 1973-2024 on the real value of miners' lung disease compensation, including the effect of the dropping of formal racial discrimination after 1993. Sources of information included legislation, government reports, notices, and Gazettes, and mining industry reports. From 1973 to 1993, high rates of inflation hollowed out the value of compensation for all miners, greater in absolute terms for white miners. From 1994, inflation continued to erode both the real value of compensation payments, and, with the rise in earnings for all miners, the percentage of annual earnings covered by these payments. Until 2017 there were a few sporadic increases in statutory payment amounts, but a cap on "allowable earnings" used to calculate compensation severely limited any gain. Underlying factors include historic underfunding of the Compensation Fund via the statutory employer levy, administrative disarray in the state compensation agency, and unanticipated political, economic and epidemic disruptions. Recent years have seen a restoration of financial and administrative stability, with some degree of reversal of long-term trends. Although formal Apartheid racial discrimination ended in 1994, inflation, and until recently legislative stasis, continued to disadvantage all miners with compensatable occupational lung disease. The system is currently undergoing legislative reform-including proper funding of operations but also with limitation on civil liability against employers. The question therefore remains open as to whether a fair and equitable system of compensation for miners will be achieved and sustained.

The expansion of the gig economy has significantly reshaped global labor markets by creating flexible forms of employment. Despite these opportunities, many gig workers experience persistent financial insecurity arising from unstable earnings, restricted access to formal financial systems, and limited social protection mechanisms. Consequently, financial empowerment through inclusion has become an important focus of both policy discourse and academic inquiry aimed at ensuring sustainable livelihoods for this workforce segment. This conceptual study analyzes the relationship between barriers to financial inclusion, the emergence of financial technology (FinTech), and existing policy structures in advancing financial empowerment among gig workers. Based on a critical review of literature in economics, finance, and public policy, the paper develops an integrated conceptual framework that connects financial service accessibility, digital financial tools, and regulatory support with outcomes related to financial stability and empowerment. The study identifies key structural challenges, including income instability, insufficient credit histories, and marginalization from conventional banking institutions. At the same time, it highlights the potential of FinTech innovations—such as mobile-based payment systems, digital credit facilities, and data-driven credit assessment models—to mitigate these constraints. In addition, the paper examines the contribution of governmental initiatives and labor regulations in shaping inclusive financial environments. By consolidating diverse strands of existing research into a coherent analytical framework, this study offers a foundation for future empirical research and policy development. The findings emphasize the importance of collaborative action among financial institutions, technology developers, and policymakers to strengthen financial resilience and promote economic security among gig workers.

The World Bank asserts that reducing extreme poverty and achieving shared prosperity are both made possible through financial inclusion. Digital finance may enhance financial stability, thereby supporting more inclusive and sustainable economic growth. Despite its potential benefits, the link between digital finance and financial stability remains underexplored in the literature. The present study addresses this research gap in the literature by exploring the relationship between digital finance and financial stability. Panel data of 160 countries over the period of 2004–2024 have been collected and analyzed by using Moment Quantile Regression (MMQREG). The robust outcomes show that digital finance significantly improves financial stability. This study aims to contribute to the existing literature. The findings of this study will help policymakers in designing effective or supportive policies for digital financial services. Findings may inform policies aligned with SDG 8: promote sustained, inclusive, and sustainable economic growth.

The article contains analysis of the programs of economic reforms developed in the USSR and Russia in 1984-1992. Early programs were based mainly on the experience of reforms in Yugoslavia and Hungary and assumed gradual introduction of market mechanisms while preserving for time being Soviet political system.However, the political liberalization, which accompanied the “perestroika” process and the rapid growth of fiscal imbalances, led to the revision of the concept of phased transition to market in favor of radical and fairly rapid economic reforms, which was reflected in the economic program “ 500 days”. In 1991 after the collapse of the Soviet Union a group of young economists led by Yegor Gaidar proposed a program of market transformation, which was launched early in 1992. Despite some successes in the implementation of the program, it nevertheless failed in its main direction: financial stabilization was not carried out and the country entered a protracted period of high inflation.

This study evaluates the effectiveness of credit monitoring systems and the adequacy of reserves liquidity and provisioning requirements within Guyana’s banking sector. Effective credit risk management is critical in modern financial systems, particularly in light of global concerns regarding problematic debt. Consistent with principles advanced by the Basel Committee on Banking Supervision (BCBS), the research assesses whether banks in Guyana adequately monitor individual credit exposures and maintain sufficient provisions to mitigate potential losses. Using a mixed-methods approach—including literature review, interviews, questionnaires, and field observations—the study examines regulatory oversight by the Bank of Guyana and compares domestic credit risk practices with international standards. It also analyzes trends in financial sector growth and shifts in risk appetite amid Guyana’s rapidly expanding oil-driven economy. Key findings show a significant improvement in asset quality, with non-performing loans (NPLs) declining from 13.98% in 2016 to 3.57% in 2023. This reduction coincides with strong growth in performing loans, largely driven by economic expansion linked to the oil and gas sector. As of December 2023, the banking system remained highly liquid. Average liquid assets exceeded statutory requirements by 81% (G$148.8 billion). Licensed Deposit-Taking Financial Institutions (LDFIs) held G$332.6 billion in liquid assets, reflecting a 15.4% increase over December 2022. While this indicates financial strength, it also suggests excess liquidity potentially stemming from a conservative lending approach. Although banks utilize established credit assessment tools—such as CAMPARI, 4M Risk Analysis, credit scorecards, and SWOT analysis—challenges remain in regulatory enforcement, technological modernization, automation, and institutional capacity. An overly cautious lending stance may constrain credit growth and limit broader access to financing. The study recommends adopting advanced credit scoring technologies, strengthening regulatory frameworks, enhancing automation and capacity-building initiatives, and improving debt monitoring systems. It also calls for a sector-based risk assessment approach and a review of policies restricting private sector foreign borrowing. Overall a balanced strategy that strengthens risk management while improving credit accessibility is essential to support Guyana’s continued economic transformation and financial stability.

This study evaluates the impact of strong financial regulation on enterprise total factor productivity (TFP) using the 2018 New Asset Management Regulation (NAMR) as a quasi-natural experiment. Based on data from Chinese A-share listed firms (2014-2022), the results show that NAMR significantly reduces TFP in firms with higher pre-policy financialization, indicating a short-term efficiency cost. The negative effect operates through increased financing constraints, reduced innovation, and aggravated maturity mismatches. Heterogeneity analysis reveals that the effect is stronger in regions with lower banking competition and weaker in firms with financially experienced executives. These findings provide micro-level evidence on the efficiency trade-offs of financial regulation and inform policy efforts to balance financial stability with real economy development.

This paper proposes a continuous-time dynamic clearing model on a multilayer financial network to study systemic risk propagation and optimal intervention. The model incorporates interbank credit, equity crossholdings, and overlapping portfolios, and models bankruptcy as a jump event triggered by insolvency or illiquidity. Based on the system’s dynamic structure, we develop a model predictive control (MPC) framework that enables forward-looking and flexible allocation of limited bailout resources between debt relief and capital injection. Numerical results show that the proposed MPC strategy substantially outperforms both no-intervention and rule-based policies in terms of financial stability and resource efficiency. Compared with no intervention, the MPC strategy reduces the number of defaulting banks by approximately 56%. In contrast, the simple rule-based intervention achieves a reduction of about 48.83%, while improving rescue efficiency by approximately 28.57%. Overall, the framework provides a unified and effective approach to systemic risk control in financial networks.

Subject. The impact of the competitiveness of regional economic sectors on the integral indicator of the sustainable development of the region in the context of economic modernization. Objectives. To establish and quantify the relationship between the competitiveness of the region's industries and the sustainability of its socioeconomic development, substantiate the priorities of economic diversification aimed at improving financial stability and the quality of economic growth. Methods. The methodological basis of the research is based on a comprehensive statistical and econometric approach, including analysis, synthesis, induction and deduction, a comparative analysis of scientific concepts of sustainable development, competitiveness and entrepreneurship. Results. It has been established that there is a statistically significant relationship between the indicators of competitiveness of the region's industries and the integral indicator of sustainable development. The basic industries (mining and metallurgy) are characterized by a weak or negative relationship with the sustainability indicator, which indicates the limitations of an extensive growth model. A high positive relationship between the STR effect and sustainable development has been identified for the chemical industry and the IT services sector, confirming the role of structural diversification and knowledge-intensive sectors. Conclusions. The sustainable development of the region in the context of economic modernization is determined not so much by the scale of growth of individual industries as by the quality and structural balance of the sectoral system. The formation of an innovative environment, the development of knowledge-intensive and service sectors, as well as increasing the structural stability of industries are key factors in strengthening the financial stability of the region.