Problem loans have generated considerable academic and policy attention in recent years, fueled in part by the aftermath of the 2008-2009 economic crisis and subsequent credit crunch. Problem loans, referred to as non-performing loans (NPL), are loans which are not paid in the structured time period as set in the contract between the borrower and the bank. The goal of this study is to show the influence, in transition countries, of macroeconomic factors on the level of these loans. Specifically, factors such as Gross Domestic Product (GDP growth), inflation, unemployment and export growth shall be considered, using a variety of econometric models and specifications to ensure robustness, including Fixed and Random Effects Models and Arellano-Bond Dynamic Panel estimation. We use data from the World Bank and International Monetary Fund for a sample of transition countries over the period 2006 and 2016. Findings show that GDP growth and inflation are both negatively and significantly correlated with the level of NPLs, while unemployment is positively-related to NPLs. These results have important implications for banking stability within transition countries, and the role of macroeconomic policies in this regard.

Circular economy goals have made their way towards the very heart of EU policy, promising the delivery of both economic and environmental goals, but key to their achievement is the active involvement and participation of businesses. Scholarly literature has made considerable headway in describing the diverse CE business model archetypes and the enablers and barriers that can nurture the transition toward them. However, little work has been done to assess a more profound distinction—that between enterprises that are born circular in contrast with incumbent businesses that grow into circularity. We review 18 case studies of businesses in Europe, which shed light on this distinction. A systematic analysis of their internal, contextual, and policy issues results in the identification of ten key enablers (including business targets, cost reduction potential, loyal customers, demographic aspects, growing waste flows, environmentalism, EU policy, circular policy, and dis/incentives as well as sectoral considerations) and ten key barriers (including bottom line concerns, problematic consumer preferences, lack of infrastructure, technological barriers, poor access to finance, competition, lack of EU harmonisation, uncertainty and lack of internalisation of externalities, and the presence of obstructive policy). We observe that businesses which are born circular seem to face fewer barriers than those seeking to grow into circularity, a finding which offers hope for the transition to a circular economy. Our analysis also suggests that while some enablers and barriers cut across different types of businesses, others tend to be more prevalent among enterprises of a certain size or sector.

The aim of this paper is to identify the risks that need to be addressed when holding fine art, determine which are perceived as being the most important, and whether the risk perception is influenced by demographic variables such as age, educational background, and field of occupation. To identify the risks and evaluate the risk perception, we used a purposely designed questionnaire and sent it via various sources of communication systems and applications to individuals knowledgeable on fine arts. Findings revealed that, generally, art deterioration, art fraud, and art theft are the three main highlighted risks, with art deterioration considered in the high-risk range. In terms of risk perception, forgery is the biggest concern. On the other hand, considerations of the investment value of art lessened perceived risk exposure. Furthermore, the study has shown that certain risk perceptions were influenced by the participants’ demographic variables. Both the identified risks and risk perception considerations analyzed within this study provide us with insights as to what needs to be considered when offering fine art insurance, particularly when it comes to which risks that are perceived as being the most pressing by potential policyholders, and how these perceptions vary according to individual demographics variables as noted above.

The aim of this study was to investigate the Granger causality between geopolitical risk (GPR) sub-indices in order to examine the implications of geopolitical risk on ten agricultural commodities classified as softs or grains. The Granger causality test was used to determine the causal relationship between the daily GPR sub-indices and the future prices of ten essential agricultural commodities from 31 March 2000 to 31 March 2022. We discovered that the GPR Threat and Act sub-indices Granger-caused changes in the wheat and oat commodity prices. These findings were also connected to the ongoing Russian–Ukrainian conflict, which has had an impact on agricultural commodity prices because both countries are major agricultural producers. The empirical results also showed how the GPR Threat sub-index Granger-affected the future prices of soybean oil, coffee, wheat, and oats. On the other hand, the GPR Act sub-index only Granger-affected the future price of oats. The findings of this study should provide useful information to both policymakers and governments to help them acknowledge the importance of geopolitical risk when setting their national policies related to food security.