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        <rdf:li rdf:resource="https://hdl.handle.net/10419/315107" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/315105" />
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    <dc:date>2026-04-29T17:56:38Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/315107">
    <title>Does FX hedge mitigate the impact of exchange rate changes on credit risk? Evidence from a small open economy</title>
    <link>https://hdl.handle.net/10419/315107</link>
    <description>Title: Does FX hedge mitigate the impact of exchange rate changes on credit risk? Evidence from a small open economy
Authors: Skufi, Lorena; Gersl, Adam
Abstract: This study investigates the impact of exchange rate fluctuations on non-performing loans (NPLs), using a unique bank-by-bank dataset on lending to FX hedged and FX unhedged borrowers. Employing fixed effects and panel quantile regression, we analyze how changes in exchange rate affect the NPL ratio of hedged versus unhedged borrowers, differentiating between non-financial corporations and households and controlling for additional macroeconomic factors and bank-specific characteristics in Albania for the period from 2009 to 2023. Our empirical findings confirm that the sensitivity of unhedged non-financial corporations to exchange rate changes is higher than in the case of hedged borrowers. However, we find the opposite effect for households, where the risk seems to be for some reason higher for hedged borrowers.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/315105">
    <title>Does bank regulation and supervision impact income inequality? Cross-country evidence</title>
    <link>https://hdl.handle.net/10419/315105</link>
    <description>Title: Does bank regulation and supervision impact income inequality? Cross-country evidence
Authors: Meteláková, Zuzana; Geršl, Adam
Abstract: This paper examines how microprudential policy affects income inequality, and whether and how the effect of macroprudential policy on income inequality depends on the stance of microprudential policy. The dataset covers 70 countries over the period 1996-2013. Applying the system GMM estimation method, the analysis provides evidence that tighter microprudential policy leads to a reduction in income inequality as measured by the Gini coefficient. Nonetheless, the effect of an overall tightening of microprudential policy disappears in countries with low levels of economic development. Among the inspected individual microprudential policies, the power and independence of supervisory authorities have the greatest effect on income inequality. In addition, the results suggest that macroprudential policy tightening is effective in reducing income inequality under a strong microprudential policy framework, while the effect is reversed under a weak microprudential policy scheme. Moreover, the effects of macroprudential policy tightening on income inequality are amplified when implemented within a strict microprudential policy environment. This paper contributes to the growing literature on the spillover effects of banking regulation and supervision and on the relationship between financial sector policies and income inequality.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/315104">
    <title>How do event studies capture impact of macroeconomic news in forex market? A meta-analysis</title>
    <link>https://hdl.handle.net/10419/315104</link>
    <description>Title: How do event studies capture impact of macroeconomic news in forex market? A meta-analysis
Authors: Bortnikova, Kseniya; Bajzik, Josef; Kočenda, Evžen
Abstract: We perform a quantitative synthesis of 807 estimates of the effect of macroeconomic news announcements on exchange rates, as reported in 25 studies. Estimates are tested for publication selection using visual examination of funnel plots, linear asymmetry tests, and recent non-linear testing techniques. Our analysis reveals that after the inclusion of the moderator variables, publication bias has a moderate but statistically significant effect on the reported estimates, although it does not strongly influence their magnitude. The primary sources of heterogeneity are driven by economic conditions, particularly interest rate differentials and inflation regimes. Surprisingly, the type of macroeconomic announcement does not systematically affect the variation in estimated effects, indicating that differences in the nature of the announcements have little impact on the reported results.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/315106">
    <title>Inflation differentials in the African economic community</title>
    <link>https://hdl.handle.net/10419/315106</link>
    <description>Title: Inflation differentials in the African economic community
Authors: Iorngurum, Tersoo David
Abstract: This paper examines the determinants of inflation differentials across member states of the African Economic Community (AEC). The results suggest that exchange rate depreciation, GDP per capita growth, price divergence, fiscal deficit, and periods of economic instability all contribute to higher differentials. On the other hand, differentials are not significantly influenced by a country's output gap and the persistence of its differentials. Given that price stability and low differentials are essential for monetary integration and improved welfare in the AEC, this study concludes that policies aimed at exchange rate stabilization, fiscal discipline, and fiscal coordination may be beneficial for member states.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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