National Savings Research Articles

The Drivers of Sustainable Development in South African Economy: The Role of Female Advancement

Contemporary societies have challenges in achieving sustainable development, while African economies remain quite distant from this ideal course for sustainable growth. Likewise, official statistics in South Africa show a wide gap between male and female involvement in economic activities. Given this, the study investigates the connection between three dimensions of sustainable development and female advancement in South Africa using auto-regressive disturbed lags (ARDL), Structural Vector autoregressive (SVAR) and Ganger non-causality approach. The three dimensions of sustainable development considered in this study are economic, environmental and social, proxies by adjusted net national savings, carbon emissions and adjusted net national income per capita, respectively. The female advancement indicators are proxies by employment, wages and salaries, and secondary school enrolment. The result from the ARDL shows that female advancement indicators promote short (SR) and long-run (LR) economic sustainability. Also, female wages and salaries have a positive relationship with carbon emissions in the SR but not significantly in the LR. At the same time, female employment and secondary school enrolment have a positive relationship with carbon emissions in the SR but are negative in the LR. The primary causes affecting long-term environmental sustainability are GDP per capita, financial development, population density, trade openness and urbanisation. Also, female advancement indicators promote social sustainability, especially employment, wages and salaries. More so, the SVAR results show that the forecasting error shock of GDP has minimal effect on carbon emission with notable variation in the population density. The causality result shows a unidirectional relationship between economic sustainability and female secondary school enrolment, environmental sustainability and female secondary school enrolment, and social sustainability and female secondary school enrolment, all flowing to female secondary school enrolment. Based on the findings, the study recommended improving female educational standards and increasing involvement in economic participation.

Do Real Estate Investments Yield the Highest Returns in Pakistan?

The investment choices of economic agents are critical in determining the value of capital stock in different sectors of the economy. These choices depend upon the available investment options in society and the expected rate of returns. In the case of Pakistan, it is commonly perceived that real estate investment in the form of buying a piece of land or buying a house comparatively yields the highest returns. This study aims to devolve on this presumption and estimate returns from different available investment avenues. Our findings, contrary to common perception, suggest investment in stocks yields the highest real returns while real estate returns stand second. However, the associated risk with stock investment is higher than in the real estate sector. Therefore, one can argue that real estate investment offers better returns comparatively. Surprisingly, we also find that the real returns from treasury bills, national savings accounts, and silver are negative. We also delve into the potential determinants of real estate returns and their impact on investment outcomes. The estimation results reveal that GDP growth, interest rate, and inflation pandemic are significantly affecting the rate of returns from real estate, while the Covid pandemic has negatively affected the returns from housing.

Pendidikan Karakter Anak di Jenjang SMP

Santri participated in building this nation as lost in the history of his people. Joko Widodo set National Day of Santri as a form of appreciation, considering the struggle of scholars and former santri contribute to the struggle for independence. 22 October was decided as National Day of Santri taken from the event of jihad resolution Hadratussyaikh Hasyim Asyari where defend his legal homeland fardlu ain. The purpose of this research is to know the implications of National Santri on the development of Islamic education in Indonesia. This research is done by qualitative approach using descriptive method. Data collection techniques include interviews, documentation, and literature studies. The result of the research shows that National Saving Day has not seen significant impact considering National Sdri Day has been running for two years, in the course of National Day of Santri is expected to restore the existence of santri and known to the wider community which in turn fosters the spirit of nationalism. The existence of National Saving Day is expected santri and Muslims in general have a high spirit in filling independence.

An Analytical Study of Contribution Received and Subscriber Registered by Post Offices & Authorized Banks Under Sukanya Samriddhi Yojana

This study examines the contribution received and subscriber registered by post offices and banks under the Sukanya Samriddhi Yojana (SSY). The study aims to identify the main reasons for the decline or rise in subscribers and contributions under the SSY and their impact on the operations of banks and post offices. It also provides insights into the impact of these factors on the performance of the schemes, allowing for intelligent suggestions to improve future performance. The study uses contribution and subscriber registration as a method for evaluating the effectiveness of any scheme. The data is sourced from the National Saving Institute's SSY contributions reports for two fiscal years, 2022-2023 and 2023-2024. The analysis uses statistical forms, bar diagrams, pie charts, and mathematical formulas to analyse the data. The study aims to prevent females from marrying young and improve the performance of the banks and post offices.

The impact of national savings on economic development: a focused study on the ten poorest countries in Sub-Saharan Africa

The purpose of this study is to examine the impact of national savings on economic development, as measured by the Human Development Index (HDI), Inequality-adjusted HDI (iHDI), and Multidimensional Poverty Index (MPI), in ten of the poorest countries in Sub-Saharan Africa. The study employs a sequential Generalized Method of Moments (GMM) analysis to address potential endogeneity issues and account for the dynamic nature of the relationships, covering the period from 2009 to 2019. The findings reveal a complex relationship between national savings and the selected development indicators. While national savings exhibit positive impacts on HDI and iHDI, the results are not consistently statistically significant across all the sequential models. However, the analysis suggests that national savings have a positive influence on reducing multidimensional poverty, as measured by MPI, particularly when effectively channeled into productive investments. The study also highlights the significant positive impact of government expenditure and foreign direct investment (FDI) on human development, underscoring the importance of strategic public investments and foreign capital. The results suggest that while national savings are crucial, their effective utilization is essential for enhancing human development indices. Strategic investments in public goods and foreign capital are also important. The mixed effects of inflation and official development assistance (ODA) emphasize the need for stable economic policies and effective utilization of foreign aid. The modest positive impact of institutional quality suggests that improvements in governance and institutional frameworks can contribute to human development. The findings underscore the need for policies promoting financial inclusion, efficient public expenditure, foreign direct investment, and stable macroeconomic conditions to leverage national savings for economic development. The study’s findings provide valuable insights for policymakers in Sub-Saharan Africa, highlighting the need for comprehensive strategies that leverage national savings, public expenditure, and foreign investment to drive sustainable economic development and poverty reduction.

Analysis of k-means clustering algorithm in advanced country clustering using rapid miner

In the era of globalization, the understanding of developed countries is no longer limited to the level of per capita income alone. As part of the analysis of developed countries based on aspects of government revenue, income balance, national savings, and domestic output based on sales. This research aims to cluster and to find out how these economic indicators are interrelated and affect the status of a country as a developed country. The K-means algorithm is used to identify patterns of countries with similar economic characteristics. From the research conducted, there are 4 clusters generated based on the characteristics of developed countries.

External Debt, Transmission Channels, and Economic Growth: Evidence of Debt Overhang and Crowding-Out Effect

This study investigates the intricate relationship between external debt, debt service, and economic growth by using the panel data of 32 Asian Developing Economies (ADE) spanning 1995 to 2020. Employing a two-step system generalized method of moments (GMM) and a dynamic common correlated estimate (DCCE) model, the research explores key macroeconomic channels through which debt influences growth and rigorously tests for debt overhang and crowding-out effects. Findings reveal that public and private investment, total factor productivity, and national savings are pivotal channels transmitting the non-linear effect of external debt on economic growth. Notably, only private and public investment convey the non-linear effects of debt service to economic growth, while productivity and savings convey the linear effect. Evidence of debt overhang and crowding-out effects is identified in the sampled economies. The study suggests strategic measures for developing countries, emphasizing the productive use of accumulated debt, enhanced debt management, and timely project completion. Furthermore, it advocates for fostering economic growth through increased productivity, domestic savings, and private sector expansion to reduce dependence on foreign debt, facilitating both debt repayment and economic self-sufficiency.

Financial intermediation around national elections: Evidence of state-owned banks as credit smoothers

This study assesses the impact of presidential and parliamentary elections on different aspects of financial intermediation, considering ownership structure as a determining factor. Consistent with the smoothing hypothesis, state-owned banks (SOBs) observed a lending growth rate of 6.67% higher during the presidential election than private sector commercial banks and subsequently experienced a decrease. During the parliamentary election cycle, indications of reciprocal trade between SOBs and peer banks emerge. SOBs step in to address the lending gap created by competing banks' reduced credit offerings, and vice versa, until the electoral uncertainty subsides. Banks implemented a more rigorous policy about their loan practices before the election years. Deposit liabilities of foreign-owned banks grew by 11.49% in the post-parliamentary election year, while SOB witnessed a contraction in deposits in the year following the presidential election. The results have consequences for national savings, investments, and economic growth. The findings align with the level of development a country exhibits, the composition of its banking sector, and its institutional attributes.

A Study of Financial Planning on Young Individuals in Delhi NCR

This research paper investigates the significance of financial planning for young individuals in achieving long-term financial security and stability. With the increasing complexity of the financial landscape and the challenges posed by economic uncertainties, effective financial planning is indispensable for the younger generation. The paper examines various strategies and tools available for young individuals to manage their finances prudently, including budgeting, saving, investing, and debt management. Additionally, it explores the role of financial education and literacy in empowering young people to make informed decisions about their finances. Through a comprehensive review of existing literature and case studies, this paper highlights the importance of early financial planning in building wealth, mitigating risks, and achieving financial goals. Furthermore, it discusses the potential barriers and challenges faced by young individuals in implementing financial plans, such as student loans, low income, and lack of knowledge. Finally, the paper offers practical recommendations and actionable insights for young individuals to enhance their financial well-being and lay a strong foundation for a secure financial future. Monetary items function as a venture route, providing the financial supporters with the predefined monetary security and upholding the monetary items' gamble return profile. In the past traditionally, In India, banks (credit and store accounts), the Life Insurance Corporation (LIC), and the Post Office (repeating shop, National Saving Certificate, Kisan Vikas Patra) all displayed financial products. However, in recent times, as the financial services sector has advanced, new financial products have been introduced, including common stocks, shares, subordinates, annuity plans, children's education plans, life and non-extra security plans (Unit Linked Investment Plans, or ULIPs), common assets, and shares. Each person behaves differently when contributing, therefore each has a different predisposition towards speculation. A private person's investment behavior is influenced by his own circumstances. With the presumption of producing yields people invest in a few financial goods with the hope of earning sizable returns over time and with varying degrees of risk. The goal of the current analysis is to examine how salaried individuals speculate about financial goods that are supported by various segment elements.

Applicability of the Islamic Corporate Governance for Shariah Companies in Malaysia

The Islamic Capital Markets (ICM) have become part and parcel of the modern financial system which not only assists in the growth and expansion of the heavily monetized economy but often becomes a very major indicator of the business cycle movements as well as the confidence and the sentiments of the business community and investors. Of late, ICM has also been a very important vehicle to raise the necessary amounts of funds to affect the national savings needed for rapid economic growth. Most of Shariah companies in Malaysia do not implement an Islamic corporate governance system because of the lack of regulations and exposure from regulators as well as low demand from investors. In line with this development, this paper compares the corporate governance concepts in the conventional and the Islamic perspective. The discussion then proposes an Islamic corporate governance system and requirement of Shariah supervisory board for Shariah companies that could ensure that firms are operating according to Islamic principle thus improve the quality of monitoring role in firms listed on FTSE Bursa Malaysia EMAS Shariah Index.

Domestic macroeconomic sources of the USA–China trade conflict

PurposeTrade relations between China and the USA have been marked by conflict, especially since China’s membership in the World Trade Organization (WTO). These conflicts have been analyzed from a variety of perspectives, including the loss of jobs in the USA due to Chinese imports, competition in high technology sectors and the balance of trade. Conceptual frameworks have employed models of domestic differences as well as models of international power distribution. Among domestic differences examined are the existence of state-owned enterprises in China compared to the domination of the USA economy by private firms, the large role of the Communist Party in China and the influence of labor and environmental and labor groups in the USA. Power distribution theories focus on the systemic effects of the distribution of power on trade openness and on the pattern of intra-bloc versus between-bloc trade. This paper aims to examine the role of macroeconomic policy factors in China and the USA, in particular, the role of national patterns of savings, investment and consumption (both private and government). The paper concludes that insofar as the balance of trade is an important component of the trade conflict, domestic macroeconomic factors continue to be important. The resolution of the conflict will have to take into account the respective macroeconomic policies of China and the USA.Design/methodology/approachThe design is an analytic case study of US–China trade relations with a particular focus on the balance of trade. The conceptual framework employed involves an analysis of macroeconomic policy categories, especially the overall pattern of savings (household, firm and government), investment and consumption. Process tracing over time since China's membership in the WTO is carried out with an eye toward the relationship between the balance of trade and macroeconomic policy.FindingsThe main findings are that there is a strong relation between the respective macroeconomic policies of the USA and China and their trade relations. The domestic political economy of the USA encourages consumption and a low rate of savings. The opposite is true of China where household income is low by design and national savings are high. China depends on the USA to consume what is not consumed domestically. The USA depends on Chinese imports for additional consumption encouraged by its low rate of savings. The two economies are locked in a mutual dependence.Research limitations/implicationsKey research implications are that there should be more focus on domestic macroeconomic policies since these are the root causes of the trade imbalance. This is not to say that trade frictions centering on jobs, subsidies and competition in high technology are unimportant. However, without the resolution of differences in the management of macroeconomic policies, trade conflicts between the USA and China will continue.Practical implicationsPractical implications are huge, in some ways much more important than the academic implications. Macroeconomic policy differences in savings, investment, government spending, taxation and infrastructure are important. Furthermore, there are available tools in both China and the USA to manage the macroeconomy, particularly, monetary and fiscal policy.Social implicationsOne implication of this paper is that satisfaction or dissatisfaction of workers is dependent on income distribution which in turn affects trade. Treatment of people in different socioeconomic categories, such as the elderly, the young, and those at working age are a function of macroeconomic policies.Originality/valueMany people have written about macroeconomics. It is a conventional subfield of economics. The originality of this paper lies in its advocacy of a shift of focus and attention and in the argument that traditional macroeconomics is related to trade. Despite its importance, macroeconomics has not been the center of attention for most political scientists, though economists have made it more central.

Are Trade Openness Drivers Relevant to Carbon Dioxide Emission? A Study of Emerging Economies

This research is focused on an in-depth analysis of the trade drivers that influence trade openness and their impact on carbon dioxide emissions, with a concentrated examination of emerging economies from 1995 to 2020. This examination is contextualized within the scope of various trade and environmental theoretical frameworks. In our analysis, we employed a range of advanced panel regression methods, including stepwise regression for model selection, as well as Fully Modified Ordinary Least Squares (FMOLS), Panel Ordinary Least Squares (Panel OLS), and Fixed Effects Model (FEM). The long-term patterns were evaluated using Johansen co-integration tests. Additionally, the study delves into the causal links between carbon dioxide emissions and the key drivers of trade, employing Granger causality tests for this purpose. Our findings disclose a complex web of relationships, both in the short and long term, between trade openness and carbon dioxide emissions, influenced by several key factors: (i) net inflows of foreign direct investment, (ii) trade reserves, (iii) per capita income, (iv) exchange rates, and (v) gross national savings.

(253) Use of Online Pharmacy Tools May Lead to Significantly Reduced National Expenditures on Vaginal Estrogen

Abstract Introduction High medication costs for vaginal estrogen may create a barrier for patients seeking treatment for numerous urinary and vaginal symptoms and lead to poor medication adherence. The Mark Cuban Cost Plus Drug Company (CPD) and GoodRx tools offer patients a method to purchase prescription medications at a discount, which may lead to improved medication adherence and decreased national expenditures on such medications. Objective To compare the pricing of vaginal estrogen as advertised by retail pharmacies, Medicare, and discount listings through CPD and GoodRx. Methods A review of publicly available data from CPD and GoodRx was performed to obtain listed retail and discounted prices for Estrace (topical), Vagifem (tablet), and Premarin (topical). GoodRx prices were obtained using prices from Costco, CVS, Walgreens, and Walmart pharmacies in the most from populous zip code from each of the 3 most populous U.S. states: California, New York, and Texas. Prices were adjusted to account for dosage and prescribed quantity to estimate an average cost per dosage unit ($/adu). The Medicare Part D Drug Spending and Utilization data from 2021 were used to report the average spending per dosage unit and total expenditure for each of the listed medications. These data were compared to create an estimate of average national savings after use of CPD and/or GoodRx. Results Average spending per dosage unit for Estrace, Vagifem, and Premarin was lesser when discount tools were used (0.50 $/adu, 3.75 $/adu, and 4.30 $/adu respectively), compared to Medicare pricing (6.14 $/adu, 20.95 $/adu, and 10.10 $/adu respectively) or retail pricing (3.14 $/adu, 10.19 $/adu, and 5.43 $/adu respectively). When adjusted for total dosage units, use of CPD over Medicare pricing for the three medications would result in a combined annual national saving of $64.2M. Use of either CPD or GoodRx compared to retail pricing would similarly result in a combined annual national saving of $39.2M. Conclusions The utilization of CPD and GoodRx in the prescription of vaginal estrogen led to a substantial national average cost savings when compared to retail and Medicare pricing. CPD and GoodRx may offer a way to decrease the cost burden for patients seeking treatment for urinary and vaginal symptoms and significantly reduce national expenditures on medications. Disclosure Any of the authors act as a consultant, employee or shareholder of an industry for: The utilization of CPD and GoodRx in the prescription of vaginal estrogen led to a substantial national average cost savings when compared to retail and Medicare pricing. CPD and GoodRx may offer a way to decrease the cost burden for patients seeking treatment for urinary and vaginal symptoms and significantly reduce national expenditures on medications.

Cost-effectiveness of universal routine sonographic cervical-length measurement at 19 to 25 weeks’ gestation

National second-trimester scanning of cervical length was introduced in Israel in 2010, and in the decade thereafter, a significant systematic reduction in preterm birth and in the delivery of low birthweight babies was found among singletons. In this study, we sought to estimate the cost-effectiveness of a national policy mandating second-trimester cervical length screening by ultrasound, followed by vaginal progesterone treatment for short cervical length in comparison with no screening strategy. We constructed a decision model comparing 2 strategies, namely (1) universal cervical length screening, and (2) no screening strategy. This study used the national delivery registry of Israel's Ministry of Health. All women diagnosed with a second-trimester cervical length <25 mm were treated with vaginal progesterone and were monitored with a bimonthly ultrasound scan for cervical dynamics and threat of early delivery. Preterm birth prevalence associated with short cervical length, the efficacy of progesterone in preterm birth prevention, and the accuracy of cervical length measurements were derived from previous studies. The cost of progesterone and bimonthly sonographic surveillance, low birthweight delivery, newborn admission to intensive care units, the first-year costs of managing preterm birth and low birthweight, and instances of handicaps and the cost of their follow-up were extracted from the publicly posted registry of Israel's Ministry of Health and Israel Social Securities data. Monte Carlo simulations decision tree mode, Tornado diagrams, and 1- and 2-way sensitivity analyses were implemented and the base case and sensitivity to parameters that were predicted to influence cost-effectiveness were calculated. Without cervical length screening, the discounted quality-adjusted life years were 30.179, and with universal cervical length screening, it increased to 30.198 (difference of 0.018 quality-adjusted life years). The average cost of no screening for cervical length strategy was $1047, and for universal cervical length screening, it was reduced to $998. The calculated incremental cost-effectiveness ratio was -$2676 per quality-adjusted life year (dividing the difference in costs by the difference in quality-adjusted life years). Monte Carlo simulation of cervical length screening of 170,000 singleton newborns (rounded large number close to the number of singleton newborns in Israel) showed that 95.17% of all babies were delivered at gestational week ≥37 in comparison with 94.46% of babies with the no screening strategy. Given 170,000 singleton births, the national savings of screening for short cervical length when compared with no cervical length screening amounted to $8.31M annually, equating to $48.84 for a base case, and the incremental cost-effectiveness ratio for each case of low birthweight or very low birthweight avoided was -$14,718. A cervical length <25 mm was measured for 30,090 women, and of those, 24,650 were false positives. The major parameters that affected the incremental cost-effectiveness ratio were the incidence of preterm birth, the specificity of cervical length measurements, and the efficacy of progesterone treatment. At a preterm birth incidence of <3%, universal screening does not lead to a cost saving. National universal cervical length screening should be incorporated into the routine anomaly scan in the second trimester, because it leads to a drop in the incidence of preterm birth and low birthweight babies in singleton pregnancies, thereby saving costs related to the newborn and gaining quality-adjusted life years.

Sukanya Samriddhi Yojana: A Closer Look

Savings are paramount in personal finance and economic stability serving as a cornerstone for financial security, goal achievement, and long-term prosperity. By cultivating a habit of saving, individuals can establish a safety net to navigate through emergencies, pursue aspirations such as home ownership or entrepreneurship, and secure a comfortable retirement. Moreover, savings enable individuals to reduce debt burdens, capitalize on investment opportunities, and counteract the erosive effects of inflation, thereby fostering financial independence and resilience. Additionally, accumulating savings empowers individuals to leave a legacy of generational wealth, ensuring the financial well-being of future generations. In essence, savings not only provide a buffer against unforeseen circumstances but also pave the way for realizing dreams, seizing opportunities, and building a brighter future. To promote the savings among the people, the government through banks and post offices offers various savings schemes including fixed deposits, recurring deposits, savings accounts, and government-backed schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), and Kisan Vikas Patra (KVP). The Sukanya Samriddhi Yojana (SSY) stands out among various savings schemes due to its focus on securing the financial future of the girl child in India. The scheme allows parents or guardians to open an account for their girl child below the age of 10, offering a competitive interest rate and tax benefits. Contributions to the account can be made until the child reaches the age of 15, with partial withdrawals allowed for specific purposes such as education and marriage expenses. By keeping all these in mind, this research paper is an attempt to discuss about the features, benefits, eligibility and trend and growth of SSY in terms of Account opening and amount deposited. The trend and growth of SSY has been analysed for a period of 9 years from 2014-15 to 2022-23 by using Compound growth rate technique. The result revealed that there is a positive trend in SSY in terms of number of accounts opened and amount invested.

(317) Significant Cost Savings for Erectile Dysfunction Medications are Available Using Discount Online Pharmacies Compared to Medicare

Abstract Introduction The Mark Cuban Cost Plus Drug Company (CPD) is an online retailer launched in January 2022 that sells generic prescription medications directly to consumers at cost of ingredients and manufacturing plus a fixed 15% margin in addition to a small pharmacy dispensing fee and shipping fee. GoodRx is an online tool which offers coupons redeemable at pharmacies for discounts on prescription medications. The combination of these two tools offers physicians a way to provide prescription medications to patients at lower costs, which may lead to improved medication adherence and lower medication expenditures nationally. Objective To compare the cost of various erectile dysfunction medications when purchased through retail pharmacies, reimbursed through Medicare, or obtained utilizing CPD and GoodRx. Methods A review of publicly available data from CPD and GoodRx was performed to obtain average retail and discounted prices for generic sildenafil, tadalafil, and vardenafil. GoodRx prices were obtained using prices from Costco, CVS, Walgreens, and Walmart pharmacies in the most from populous zip code from each of the 3 most populous U.S. states: California, New York, and Texas. Prices were adjusted to account for dosage and prescribed quantity to estimate an average cost per dosage unit ($/adu). The Medicare Part D Drug Spending and Utilization data from 2021 were used to report the average spending per dosage unit and total expenditure for each of the listed medications. These data were compared to create an estimate of average national savings after use of CPD or GoodRx. Results Average spending per dosage unit for sildenafil, tadalafil, and vardenafil was less when GoodRx or CPD were used (0.28 $/adu, 0.31 $/adu, and 6.17 $/adu respectively), compared to Medicare pricing (2.14 $/adu, 8.08 $/adu, and 27.84 $/adu respectively) or retail pricing (0.52 $/adu, 2.82 $/adu, and 8.35 $/adu respectively). When adjusted for total dosage units, use of CPD over Medicare pricing for the three medications would result in a combined annual national saving of $149M. Use of either CPD or GoodRx compared to retail pricing would similarly result in a combined annual nation saving of $40M. Conclusions The utilization of CPD and GoodRx in the prescription of common erectile dysfunction medications may lead to significant reductions in pricing compared to retail and Medicare estimates. Knowledge of these prescription tools may lead to significant reductions in national expenditures on medications and decreased cost burden for patients seeking treatment. Disclosure Any of the authors act as a consultant, employee or shareholder of an industry for: Advisory board and speaker for Coloplast; consultant for Cynosure; advisory board and speaker for Halozyme; intellectual property with Masimo; advisory board for Promescent; consultant for Sprout; advisory board for Xialla.

(003) Use of Online Pharmacy Tools May Lead to Significantly Reduced National Expenditures on Vaginal Estrogen

Abstract Introduction High medication costs for vaginal estrogen may create a barrier for patients seeking treatment for numerous urinary and vaginal symptoms and lead to poor medication adherence. The Mark Cuban Cost Plus Drug Company (CPD) and GoodRx tools offer patients a method to purchase prescription medications at a discount, which may lead to improved medication adherence and decreased national expenditures on such medications. Objective To compare the pricing of vaginal estrogen as advertised by retail pharmacies, Medicare, and discount listings through CPD and GoodRx. Methods A review of publicly available data from CPD and GoodRx was performed to obtain listed retail and discounted prices for Estrace (topical), Vagifem (tablet), and Premarin (topical). GoodRx prices were obtained using prices from Costco, CVS, Walgreens, and Walmart pharmacies in the most from populous zip code from each of the 3 most populous U.S. states: California, New York, and Texas. Prices were adjusted to account for dosage and prescribed quantity to estimate an average cost per dosage unit ($/adu). The Medicare Part D Drug Spending and Utilization data from 2021 were used to report the average spending per dosage unit and total expenditure for each of the listed medications. These data were compared to create an estimate of average national savings after use of CPD and/or GoodRx. Results Average spending per dosage unit for Estrace, Vagifem, and Premarin was lesser when discount tools were used (0.50 $/adu, 3.75 $/adu, and 4.30 $/adu respectively), compared to Medicare pricing (6.14 $/adu, 20.95 $/adu, and 10.10 $/adu respectively) or retail pricing (3.14 $/adu, 10.19 $/adu, and 5.43 $/adu respectively). When adjusted for total dosage units, use of CPD over Medicare pricing for the three medications would result in a combined annual national saving of $64.2M. Use of either CPD or GoodRx compared to retail pricing would similarly result in a combined annual national saving of $39.2M. Conclusions The utilization of CPD and GoodRx in the prescription of vaginal estrogen led to a substantial national average cost savings when compared to retail and Medicare pricing. CPD and GoodRx may offer a way to decrease the cost burden for patients seeking treatment for urinary and vaginal symptoms and significantly reduce national expenditures on medications. Disclosure Any of the authors act as a consultant, employee or shareholder of an industry for: Advisory board and speaker for Coloplast; consultant for Cynosure; advisory board and speaker for Halozyme; intellectual property with Masimo; advisory board for Promescent; consultant for Sprout; advisory board for Xialla.

Analysing the Influence of Macroeconomic Factors on Credit Risk in the UK Banking Sector

Macroeconomic factors have a critical impact on banking credit risk, which cannot be directly controlled by banks, and therefore, there is a need for an early credit risk warning system based on the macroeconomy. By comparing different predictive models (traditional statistical and machine learning algorithms), this study aims to examine the macroeconomic determinants’ impact on the UK banking credit risk and assess the most accurate credit risk estimate using predictive analytics. This study found that the variance-based multi-split decision tree algorithm is the most precise predictive model with interpretable, reliable, and robust results. Our model performance achieved 95% accuracy and evidenced that unemployment and inflation rate are significant credit risk predictors in the UK banking context. Our findings provided valuable insights such as a positive association between credit risk and inflation, the unemployment rate, and national savings, as well as a negative relationship between credit risk and national debt, total trade deficit, and national income. In addition, we empirically showed the relationship between national savings and non-performing loans, thus proving the “paradox of thrift”. These findings benefit the credit risk management team in monitoring the macroeconomic factors’ thresholds and implementing critical reforms to mitigate credit risk.

The fiscal effects of natural resource dependency in sub‐Saharan Africa

AbstractThis study investigates the fiscal implications of natural resource dependence in resource‐rich sub‐Saharan African economies, particularly focusing on the impact of resource revenues on tax revenues, government spending and national savings to assess the sustainability of natural resource reinvestments. Employing a two‐step system Generalized Method of Moments on a dataset with 672 observations, the study identifies significant reductions in non‐resource tax revenues, government current consumption and overall savings associated with an increase in resource revenues. Conversely, a positive coefficient is noted for public investment. The study underscores the importance of high‐quality institutions in mitigating adverse effects and controlling increased public investments. Recommendations include directing resource revenues towards well‐structured taxation frameworks and investing in efficient institutions to manage current consumption, monitor public investment growth and enhance savings. These measures are crucial for curbing procyclical spending and promoting sustainable development in resource‐rich sub‐Saharan African economies.

Converting Wealth into Capital: Bank Savings Accounts, National Savings Movement, and the Kumbara (1929-1938)

Converting Wealth into Capital: Bank Savings Accounts, National Savings Movement, and the Kumbara (1929-1938)