This paper analyzes the relationship between the stock of infrastructure and income increases using data from 15 typical countries, including China, and measures the gap between China and upper-middle-income countries using the Euclidean distance. By constructing a domestic infrastructure...

Europe has became the new epicentre of the COVID-19 pandemic, according to the WHO on 13th March 2020. Sums and ratios of death and confirmed cases were reported daily, however, such statistics vary significantly by country and it is therefore challenging to understand and measure the risk and...

This paper examines the effects of bank loans, loans from non-bank financial intermediaries, and unused bank credit lines on firm cash holdings, equity risk, and investment. Firms with more bank loans have more cash and investment, but lower equity risk. Firms with more non-bank private debt...

This paper examines how firm credit ratings affect the use of outstanding private debt and unused lines of credit. Firms not having credit ratings have more outstanding private debt and unused lines of credit than firms having credit ratings. Firms of low credit ratings also use more private...

“The model is wrong!” so it is determined. All of the estimated output using the model becomes un-reliable immediately. And so is every other result calculated using the un-reliable output. So what is the impact of the model being “wrong” in the later calculations? To address this...

The Internal Rating Based (IRB) approach is a regulatory approach that allows the banks to estimate the Probability of Default (PD) using own model. The estimated PD is then used in the calculation of the regulatory capital, thus the bank's capital is affected by any uncertainties found in the...