Institutions Matter: Financial Supervision Architecture, Central Bank and Path Dependence. General Trends and the South Eastern European Countries

We propose a path dependence approach to analyze the evolution of the financial supervisory architecture, focusing on the institutional role of the central bank, and then apply our framework to describe the institutional settings in a selected sample of countries. The policymaker who decides to maintain or reform the supervisory architecture is influenced by the existing institutional setting in a systematic way: the more the central bank is actually involved in supervision, the less likely a more concentrated supervisory regime will emerge, and vice versa (path dependence effect). We test the path dependence effect describing and evaluating the evolution and the present state of the architecture of six national supervisory regimes in South Eastern Europe (SEE): Albania, Bulgaria, Greece, Romania, Serbia and Turkey. The study of the SEE countries confirms the postulated role of the central bank in the institutional setting. In five cases the high involvement of the central bank in supervision is correlated with a multi–authority regime, while in one case a high degree of financial supervision unification is related with low central bank involvement.Financial Supervision; Central Banks; Path Dependence; Political Economy; South Eastern Europe.

Understanding Firearm Purchasing During a Purchasing Surge Among Black Individuals

Abstract Purpose: During 2020, the US experienced a record-breaking year for firearm purchases, with major spikes occurring at the beginning of the COVID-19 pandemic in March 2020, and in June 2020. This study aimed to examine the factors associated with firearm purchasing during a purchasing surge among Black individuals and to document their reasons for surge purchasing. Methods: We conducted a cross sectional survey from January to June 2021. Participants were recruited through quota sampling using Qualtrics. This study focuses on a sample of Black individuals (n=1115) from which a subsample of respondents (n=108) indicated that they purchased firearms since March 2020. Results: In the sample of Black surge purchasers, greater experiences of COVID-19 traumatic stress (aOR = 1.08; 95% CI = 1.018-1.141) were associated with increased odds of having purchased a firearm between March 2020 and June 2021. Everyday discrimination (aOR = 1.02, 95% CI = .997-1.042) was not associated with Black individuals purchasing a firearm during the firearm surge. Regarding the reasons for firearm surge purchasing, only COVID-19 exhibited a notable difference in the rate of endorsement between Black (19.5%) and White respondents (30.3%). Conclusion: The findings indicate that COVID-19 traumatic stress prompted surge purchasing among Black individuals. Further study is needed to understand how social determinants of health result in firearm surge purchasing in Black communities

Institutions Matter: Financial Supervision Architecture, Central Bank and Path-Dependence

Abstract We propose a path-dependence approach to analyzing the evolution of the financial supervisory architecture, focusing on the institutional role of the central bank, and then apply our framework to describing the institutional settings in a selected sample of countries. the policymaker who decides to maintain or reform the supervisory architecture is influenced by the existing institutional setting in a systematic way: the more the central bank is actually involved in supervision, the less likely a more concentrated supervisory regime will emerge, and vice versa (path-dependence effect). We test the path-dependence effect describing and evaluating the evolution and the present state of the architecture of six national supervisory regimes in south eastern europe (see): Albania, Bulgaria, Greece, Romania, serbia, and turkey. the study of the see countries confirms the postulated role of the central bank in the institutional setting. In five cases the high involvement of the central bank in supervision is correlated with a multi-authority regime, while in one case a high degree of financial supervision unification is related with low central bank involvement. JEL Classification: G18, G28, E 58

Efficiency of N2 Gas Flushing Compared to the Lactoperoxidase System at Controlling Bacterial Growth in Bovine Raw Milk Stored at Mild Temperatures

To prevent excessive bacterial growth in raw milk, the FAO recommends two options: either cold storage or activation of the lactoperoxidase system (LPs/HT) in milk with the addition of two chemical preservatives, hydrogen peroxide (H) and thiocyanate (T). N-2 gas flushing of raw milk has shown great potential to control bacterial growth in a temperature range of 6-12 degrees C without promoting undesired side effects. Here, the effect of N-2 gas (N) was tested as a single treatment and in combination with the lactoperoxidase system (NHT) on seven raw milk samples stored at 15 or 25 degrees C. For the ratio defined as bacterial counts from a certain treatment/counts on the corresponding control, a classical Analyse of Variance (ANOVA) was performed, followed by mean comparison with the Ryan-Einot-Gabriel-Welsch multiple range test (REGWQ). Altogether, the growth inhibition was slightly but significantly higher at 25 degrees C than at 15 degrees C. Except for one sample, all ratios were lower for HT than for N alone; however, these differences were not judged to be significant for five samples by the REGWQ test; in the remaining two samples, N was more effective than HT in one case and less effective in the other case. This study shows that N-2 gas flushing, which inhibited bacterial growth in raw milk at 15 and 25 degrees C for 24 and 12 h, respectively, could constitute an alternative to LPs where no cold storage facilities exist, especially as a replacement for adulterating substances.Peer reviewe