Country-level institutional quality and financial system efficiency: An international evidence.

The optimum economic outcome of financial system development depends on its level of efficiency. The purpose of this study is to investigate the effect of institutional quality on financial system efficiency. For empirical analysis, we have used a panel dataset of 108 countries from 1996-2020 and employed fixed effect regression and two stages least squares (2SLS) regression methods. The empirical results show that institutional quality has a significant positive effect on financial system efficiency. Particularly all the constituting elements-voice and accountability, political stability and absence of violence, regulatory quality, government effectiveness, rule of law, and control of corruption-of institutional quality are found to have a significant positive impact on financial system efficiency. Moreover, we found that the effect of institutional quality is more pronounced in countries with low-income levels and strong institutional quality. These findings are robust across several robustness tests conducted using additional controls, alternative methodologies, an alternative measure of institutional quality, and financial system efficiency. The results of the study suggest that policy makers should prioritize both enhancing and sustaining institutional quality to promote the efficiency of the financial system, which is crucial for sustainable growth and development.

Mental Health Status of Indian Migrant Workers in the United Arab Emirates during the COVID-19 Pandemic.

Migration has become a de facto phenomenon in the contemporary globalized world and India is not untouched. Indian labourers from the states of Bihar and Uttar Pradesh migrated to the UAE in search of better jobs and prospects. They migrated alone and left behind their families. The distance between them and their family can also create mental disorders; therefore, it becomes necessary to analyze the mental health of the migrant workers during the COVID-19 pandemic. The current study is quantitative and based on a sample survey approach. The researchers collected 416 samples through a structured questionnaire and used the snowball sampling technique. Descriptive statistics, Pearson's correlation coefficient, chi-square test and logistic regression were utilized to analyze and interpret the results. The outbreak of coronavirus disturbed their livelihood resulting in a cut to their salary or earnings; in total, 83% of migrants were affected by the COVID-19 outbreak in terms of loss of their income, out of which 76% were affected by less than AED 1000. The respondents' mental health was worrisome, but they were hopeful for the future. In total, 73.5% of respondents felt nervous, 62% felt depressed, 77% felt lonely, 63.4% had a hard time sleeping, and 63% had difficulties concentrating. The findings of the study draw attention to the policymakers to carry out necessary provisions to the targeted psychologically affected community. The findings also suggest creating awareness among the people by using social networking sites and diagnosing mental disorders on an urgent basis.