Volume 14, Issue 3 -

This study provides econometric evidence about the impact that new chemical entity (NCE) launches had on premature mortality from 17 diseases in 9 Middle Eastern and African countries during the period 2007–2015. The greater the relative number of NCEs for a disease launched in a country, the greater the subsequent relative decline in premature mortality from that disease, controlling for the average rate of mortality decline in each country and from each disease. An 8-year increase in the number of post-1992 NCEs ever launched is estimated to have reduced the number of years of potential life lost before age 75 (YPLL75) in 2015 by 9.5 %. This is approximately half of the 18.9 % reduction in YPLL75, and about one-third of the 29.7 % reduction in the premature mortality rate. In the absence of 8 previous years of NCE launches, 2.80 million additional YPLL before age 75 would have been lost in 2015. Expenditure on new drugs per life-year below age 75 gained in 2015 from the drugs was $US 834. According to the standards of the WHO’s Choosing Interventions that are cost–effective project, new drugs launched in the nine ME&A countries were very cost–effective overall.

Financing for Development was addressed by the international community since more than 25 years, when the Monterrey Consensus of the International Conference on Financing for Development (Monterrey, Mexico, March 2002) urged mobilising and increasing the effective use of financial resources to fulfil the internationally agreed Millennium Development Goals. In 2015, a new Development Agenda was designed and was based on the Development Finance. Consequently, the efficient exploitation of traditional and innovative finance resources in economic, social and human development has become a global top priority. This study analyses the impact of 7 resources of financial flows on 6 socio-economic variables in a sample of 19 MENA countries over the period 1991–2015 to test the efficient exploitation of these resources in development. The results show that government spending and official development assistance are the most important factor in boosting development in the MENA region. International trade plays a limited role in financing development, whereas foreign direct investment has the least effect on MENA development.

After being in force for several years, sanctions against Iran were partly lifted on 16 January 2016, reopening business options for the financial industry. This paper investigates whether a breach of internationally imposed economic sanctions had a negative impact on the value of a bank that decided to implicitly or explicitly violate those sanctions. Using event study methodology, our analysis provides evidence that a breach of Iran-related sanctions by foreign banks caused considerable wealth reductions for their shareholders who finally bear the corresponding fining-costs. The results also show that bank shareholders do not perceive the lifting of sanctions as being good news, implying that they lost faith in their bank’s ability to establish a sufficient compliance and due diligence system for Iran-related transactions. Finally, the study shows that the announced fining for a breach of sanctions does not induce spillover effects to non-fined banks. Thus, the study provides important insights on reasons of the current shortage of foreign lending toward Iran.