We construct the Settlement Modernisation Index, a panel dataset of 809 reform events across 24 advanced economies between 1993 and 2024, decomposed into three economic channels and three adoption phases. We document an S-curve in inside money elasticity with two interior turning points at SMI = 0.27 and 0.93, separating a liberation phase, a post-global-financial-crisis compliance valley, and a mature-infrastructure recovery phase. We show that settlement modernisation generates network-conditional balance sheet efficiencies through a T2S event-study with year-by-year EMIR decomposition (saturation beta = +0.557, p < 0.01) and an out-of-sample synthetic control null on Switzerland's post-2021 SDX deployment. Applied along the BIS three-layer connectivity taxonomy, the framework forecasts +13.4 percent efficiency recovery from the ECB's Pontes initiative over 2027-2032. Conditional UK and US accession to the Appia composability layer (2028) raises the ceiling to +37.5 percent. Balance-sheet efficiencies from atomic settlement are a property of the bilateral pair, not the node.
Non-Fungible Tokens (NFTs) represent a revolutionary class of digital assets, characterized by their uniqueness and value derived from metadata and visual traits. However, NFT markets suffer from volatility and a lack of transparent valuation systems, making it difficult for collectors and investors to estimate asset worth. This paper presents a comprehensive machine learning pipeline for predicting the market value of NFTs based on trait rarity and sale metadata. We apply rigorous preprocessing, compute rarity scores from trait distributions, and compare multiple regression models, including Random Forest, LightGBM, CatBoost, and Extra Trees. Our analysis demonstrates that tree-based models significantly outperform simpler regressors, with Extra Trees achieving the lowest RMSE of 136.91 and the highest$\mathrm{R}^{\mathrm{2}}$score of$\text{1. 0}$. Visual and statistical analyses further validate the effectiveness of our methodology in predicting NFT prices with high precision.
In recent years, decentralization and regional governance reforms have become a key priority for many countries to promote sustainable territorial development. In Morocco, the 2011 Constitution introduced advanced regionalization, granting regional governments greater autonomy and responsibilities in financing and managing local development. However, more than a decade later, questions remain about the financial performance of these regions and their capacity to mobilize and manage resources effectively. This paper aims to assess the financial performance of Moroccan regions through a case study approach. It examines regional revenue structures, expenditure patterns, fiscal autonomy, and investment capacity to evaluate the alignment between financial capabilities and the objectives of advanced regionalization. Relying on data from official sources, this study aims to provide an analytical overview of regional financial capabilities within the framework of advanced regionalization, contributes to the discussion on regional finance and governance in Morocco and formulates policy-oriented insights to support more effective and sustainable territorial development.
Recently, Digital money is booming, and bitcoin shows potential in the field of investment as a representative of digital currency. According to modern portfolio theory, most of the investors are absolute risk-averter, and a diversified portfolio can effectively reduce the risk. So investors usually combine bitcoin with other assets to reduce non-systemic risks. Therefore, it is of great importance to formulate a feasible portfolio that can make steady returns for investors. For this reason, we build models to find suitable strategy to quantify the proportion of assets invested so that investors can make optimal investment decisions. We measure the return, risk, and efficiency of risk model’s portfolio by sharpe ratio. And based on DEA method, the multi-stage portfolio with V-type transaction cost is evaluated by comparing the portfolio from risk model with the portfolio by applying DEA method, and finally we prove that the strategy is the optimal one. Finally, the advantages and disadvantages of this model are analyzed and summarized.
Arianna De Nicola, Simone Gitto, Paolo Mancuso, Vivian Valdmanis
Over the past twenty years, important changes in the Italian health system have led to different approaches in organizing, delivering and financing health services throughout the country's regions. In this paper, we assess the impacts that such changes have had on health efficiency. The analysis performed here is in two stages. In the first stage, healthcare efficiency is measured via bootstrapped Data Envelopment Analysis. In the second stage, the impacts of organizational and environmental variables on efficiency are investigated. Our results highlight that the organizational model adopted by the Lombardia region allows for the best results in healthcare efficiency in Italy. A process of administrative decentralization from the regional governments to local health units appears to be a source of inefficiency. Finally, patient mobility has a significant impact on healthcare efficiency.
Efficiency Analysis Using DEA
Health Systems, Economic Evaluations, Quality of Life
Over the past twenty years, important changes in the Italian health system have led to different approaches in organizing, delivering and financing health services throughout the regions of the country. This study aims to examine the impact these factors have had on efficiency. The methodology adopted is based on the developments in bootstrapping Data Envelopment Analysis (DEA). In particular, employing a two-stage procedure, we analyzed the impact that political interventions have produced on healthcare efficiency. The data, which were at the local health unit level for the period 2004-2005, were aggregated to the provincial level in order to take into account patient mobility. The study reveals that the organizational model adopted by the Lombardia region allows for the best results in healthcare efficiency. Second, administrative decentralization from the regional governments to local health units is a source of inefficiency. Third, adjusting the cost of delivering care, by taking into consideration regional health characteristics, improves efficiency. Finally, future policy interventions should make careful valuations of the impacts of patient mobility on healthcare efficiency.
Open access
Efficiency Analysis Using DEA
Health Systems, Economic Evaluations, Quality of Life
This paper is part ofa research program supported by the Health Research Institute for Health Security, with the objectives to monitor and evaluate the efficiency of health subdistrict offices in Thailand. Cost efficiency was empirically investigated based on primary surveyed data comprising 246 units operated in 12 provinces. First, descriptive statistics related to outputs (4 variables) and cost (3 variables inclusive of wages and salaries, compensation to officers, and operating expenses) are presented and discussed. All revenue and expense figures refer to fiscal year 2008. Two types of efficiency models (namely SCF and DEA) based an the input-orientation approach were applied to estimate the efficiency scores. We found that 45 units lied on the cost frontier and that represented 18 percent of the total units; in most cases, efficiency scores (DEA, VRS assumption) ranged from 0.60 to 0.75 and averaged to 0.69-implying that there was an ample room for cost-saving, specifically 31 percent, ifoutput slack or excess input were eliminated thus implying the scope for management improvement. Our estimates should be considered preliminary and an in-depth investigation needs to be taken in order further to understand the special circumstances and uncontrollable factors that might have affected the higher cost to those units, but our models failed to take note. The last section discusses policy implications and the health decentralization program in Thailand, which is a topic of policy interest. Improving the efficiency ofpublic agencies and effective public service delivery are among the goals of Thailand's public sector reform. Over the past decade, devolution of responsibilites from central agencies to local govemment units have fairly succeeded in areas of public infrastructure and social welfare-but have been less successful in primary education, public health, and environmental regulation. The transfer of the health subdistrict office is high on the national agenda, and the National Decentralization Committee strongly endorses this connection, it is important to disseminate information related to health subdistrict management, budgeting, and financing to the public, especially local administrators.
The performance of the public sector affects us all. There are at least three reasons why we should be interested in how well it functions: it is big; its outputs are special; and it is getting bigger. With all these, in Romania, the performance within the public sector represents a concept not so analyzed and rarely applied in practice. There is not the same situation in countries with a high developed economy, which represent an interest for us, along with the European integration. Internationally, since the 1970s processes of modernization and reorganization of public institution have been initiated in diverse countries in the world. The society has demanded greater efficiency in rendering of services, a better application of public resources and also questioned the effective bureaucratic model. In this context, the model of managing government institutions gains force, consistence and become more credible. Flexibility, decentralization, creativity, autonomy of management, and a management contract used as quantification instrument are basic characteristics of the management reforms that focus on results. Results determination within the public sector and the implementation of a system meant to measure the financing and non-financing performances need an exact definition of the objectives and purposes of each organization and constituent institution.
Maria da Conceição Sampaio de Sousa, Francisco de Sousa Ramos
The importance of public expenditure in such social services as education and public health represent a decisive contribution to a nation’s progress. A major problem is how to allocate government spending in such a way as to provide public services efficiently. In a political federation as the Brazil, the critical issue becomes the choice of the degree of decentralization in the provision of public services. Decentralization is advantageous in the production and distribution of public services due to: i) the proximity of users facilitates the ranking of the priorities; ii) it is easier to control the use of resources; Hi) the requirements of managerial capacity are lower. In this paper we assess the performance of Brazilian municipalities regarding the utilization of public revenue. The paper inquires whether, for a given availability of services, local governments minimize the expenditure needed to finance those services. To answer these questions, a cost-efficiency frontier will be determined by using various techniques of efficiency analysis: two DEA variants — DEA-F and DEA-V — and the FDH approach. Our results suggest that the Brazilian recent municipal decentralization policy does not lead to an efficient use of public resources. The outcome of this policy was a proliferation of small municipalities that, due to their size, do not benefit from the economies of scale inherent to the production of certain public services. They tend to operate with higher average costs thus bringing about a considerable waste of resources, which can be inferred by estimating the excessive public spending that characterizes those cities.