Understanding how monetary conditions and credit dynamics shape business lending is essential for evaluating firm financing and macroeconomic performance in bank-based economies such as Türkiye. This study investigates the effects of money supply (M2), credit expansion, and selected macroeconomic and financial variables on business loans in Türkiye by using quarterly data for the period of 2006Q1–2025Q3. On the grounds of using an ARDL cointegration framework, the analysis finds evidence of a long-run equilibrium relationship among the variables. The results show that credit expansion has the strongest and most statistically robust association with business loans in both the long run and the short run, whereas the effect of money supply appears to be more indirect; it also appears to operate through broader credit conditions. The findings also indicate that business lending is influenced not only by monetary conditions, but by the wider macroeconomic environment as well, including real economic activity, exchange rate conditions, and borrowing costs. Overall, the study provides updated evidence on the dynamics of business lending in Türkiye and highlights the importance of the credit channel in shaping firm financing conditions. From a policy perspective, the results suggest that sustaining productive business lending requires a coordinated policy framework that considers monetary, credit, and macroprudential conditions together.
This study examines how import dependence, measured as the imported inputs’ share of intermediate consumption, affects the domestic output and gross value added (GVA) multipliers across Ukraine’s economic activities. By using OECD national input–output tables for 1995–2022, two individual dynamic threshold regressions are estimated for each of 49 activities, with activity-specific lags and deterministic trends. A common threshold for both multipliers is identified empirically rather than imposed a priori.The relationship is nonlinear: below the threshold, higher import dependence raises the multipliers or has no statistically significant effect; above it, both decline. Estimated thresholds range from 6.79% in forestry and logging to 37.47% in coke and refined petroleum products. In 2022, 42 of 49 activities exceeded their thresholds, thus indicating a widespread cross-sectoral pattern.The analysis establishes three economic regularities. First, the threshold at which imported inputs cease to support domestic production and begin to displace it is common to both multipliers, linking weaker intersectoral production effects to a reduced domestic value added. Second, the wide dispersion of thresholds calls for sector-differentiated rather than aggregate localisation policy. Third, lags of zero to three years reveal differing transmission horizons for changes in import dependence. These findings provide activity-specific guidance for Ukraine’s post-war reconstruction.
Satisfaction with the urban environment is among the crucial elements of the quality of urban life. This study examines the results of the most recent wave of the Eurobarometer survey (year 2023), covering 83 European cities, to explore which city characteristics are associated with higher and lower perceived quality of different urban environment areas - air quality, noise levels, green spaces and city cleanliness. Our empirical results reveal that residents of larger European cities are less satisfied with urban environment, even when controlling for actual air pollution and other relevant city characteristics. Higher perceived quality of green spaces, as well as coastal city location (near a sea or major lake), is associated with higher satisfaction with air quality and urban noise conditions. Income level is positively associated with perceived quality of green spaces and satisfaction with city cleanliness. There is also a clear evidence that residents of southern European non-EU cities exhibit high tolerance towards air pollution - satisfaction with air quality in these cities is systematically higher than would be expected given actual air pollution and other relevant city characteristics such as city size, location and green spaces. We conclude that although environmental quality is likely to remain a natural advantage of smaller European cities, improvements in green spaces and reductions in traffic congestion could still generate non-negligible gains in urban environmental satisfaction irrespectively of city size.
This article uses cluster analysis to examine changes in average monthly gross wages (AMGW) by economic activity in the Baltic States and uses econometric analysis to investigate the impact of macroeconomic factors on wages in Lithuania. Previous studies have provided limited comparative data on wage differentiation by economic activity in the Baltic States, particularly at the macro level. Thus, this study aims to evaluate wage disparities by economic activities and determine the primary macroeconomic determinants of wages in Lithuania. The study employs hierarchical and comparative cluster analysis, as well as OLS regression. The results show that changes in AMGW by economic activity are significantly influenced by national economic conditions, policy decisions, and institutional factors. In Baltics, the highest wages are in the finance and insurance sector, as well as in information and communication activities. While the Baltic countries share some common wage patterns, cluster analysis reveals significant differences between countries. Econometric results indicate that wages in Lithuania are significantly impacted by unemployment, economic growth, and inflation. These results underscore the importance of sector-specific wage policies, improved alignment of labour supply and demand, and wage-setting mechanisms that consider inflation dynamics and productivity growth.
This study provides a novel investigation into the impact of corporate governance mechanisms specifically, board size, board independence, and CEO duality on the financial performance of industrial companies listed on the Amman Stock Exchange (ASE) measured by return on assets (ROA), return on equity (ROE), and a composite Financial Performance Index (FP) derived from these metrics. The research offers originality by focusing exclusively on Jordan’s industrial sector a critical yet underexplored context in emerging market governance literature using a longitudinal panel dataset (2017-2024) that captures post-regulatory reform performance trends. Unlike previous studies that rely on single metrics or aggregated multi-sector data, this study employs a dual analytical approach, examining both a composite governance index and its individual dimensions (board size, independence, and CEO duality) to disentangle their distinct effects on Return on Assets (ROA) and Return on Equity (ROE). The findings reveal a significant and original insight: while composite governance shows no significant impact, specific mechanisms matter substantially. Board size demonstrates a strong positive effect, and contrary to conventional agency theory but aligned with stewardship perspectives CEO duality positively influences ROA. This study’s original contribution lies in demonstrating that governance effectiveness in Jordan’s industrial sector is mechanism-specific and context-dependent, challenging the universal application of international governance norms and providing empirically grounded guidance for regulatory and corporate policy tailored to emerging market realities.
