https://www.um.edu.mt/library/oar/handle/123456789/31545 2026-04-14T04:42:19Z https://www.um.edu.mt/library/oar/handle/123456789/31754 Title: An eclectic credit cycle search : the case of US, Japan and Germany Authors: Athanasenas, Athanasios L. Abstract: Credit crunches, quantitative easing and especially international credit cycles are all monetary facets of the still ongoing global economic crisis and financial turmoil. This paper investigates global credit cycle fundamental characteristics, among three leading economies; that is, the USA, Japanese and German. Our statistically sophisticated time series data come from the Bank of International Settlements (BIS) open source. These valuable data cover the period of complete time series, from 1970(Q1) up to 2015(Q1), covering the whole data availability period for these three economic leaders. We indicate that during the 70’s and the first decade of the 21st century, we face significant statistical evidence that credit supply shocks in particular, in economies that lead capitalism globally, affect each other economy quite seriously. The credit data confirm more the presence of an international credit cycle, in the sense that credit growth rates, in these three leading economies in particular, move together over time. We also verify, through classic impulse response analysis, that US credit supply shocks have a stronger effect upon the Japanese and German credit supply variable, for both the 1973 and most significantly the 2008 financial crisis years. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31753 Title: The role of education in stimulating economic development in the framework of Europe 2020 Strategy : evidence from south-eastern Europe Authors: Raileanu Szeles, Monica; Tache, Ileana Abstract: A new model of economic development focused on the encouragement of smart, inclusive and sustainable economic growth is the core of the Europe 2020 strategy. Education is widely acknowledged as being a key factor leading to economic growth and economic development, in the long term. But the impact of different kind of achievements in education on growth has little empirical evidence, especially when examining the South-Eastern European countries. This paper analyses the role played by different types of educational achievements, aggregated at the macroeconomic level, beside a set of other potential socio-economic drivers, on the economic growth and quality of life, in the South Eastern Europe, based on the Eurostat panel dataset. A number of panel data regression models using the GMM and FGLS estimators allow answering our research questions. Our empirical results indicate what policy measures are the most effective to target both the economic growth and quality of life. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31752 Title: The motives behind dividend policy Authors: Pontoh, Winston Abstract: The puzzle for dividend policy in Indonesia is still remain since the firms have uncertain distribution for dividends to their shareholders. The objectives of this study are testing the free cash flow theory, life cycle theory, and catering theory with 139 firms as samples which is listed in Indonesia Stock Exchange for period of 2010 to 2015. This study finds that, firms in Indonesia are not at mature level and there is an existence for free cash flow effect on dividend payers with lower debt only, while catering effect is generally exist for firms as dividend payers. Furthermore, since the firms as non dividend payers are on growth level then they are generally use their profit and capital gain includes debts in purposes of investment activities. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31751 Title: EU security challenges and their economic implications Authors: Dumitrache, Vlad Ionut; Constantinescu, Maria Abstract: Considering the volatile political, economic and security present environment, the European Union is currently facing more challenges than ever before in its existence. In addition to the challenges deriving directly from its status as a political-economical union of states, the EU is facing increasingly serious security challenges. Some of these challenges are not new, such as those identified in the seminal document “A Secure Europe in a Better World’ adopted by EU in 2010 (which singles out five key threats: terrorism, proliferation of weapons of mass destruction, regional conflicts, state failure, organized crime). Other security challenges have emerged more recently, such as illegal migration or the worsening of the relations with Russia. Although the nature of these challenges is related to security and defense, many of them have economic implications and it is the purpose of this paper to analyze the complex interactions between the security and the economic challenges faced by the EU, and also by the individual member countries. 2016-01-01T00:00:00Z