literature review of deposit analysis

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Methods Of Analysis Of Commercial Banks’ Deposit Portfolio

To form and implement a deposit policy, commercial banks need to keep a focus on potential depositors, develop and improve new competitive deposit services and products that will be of interest to different categories of individuals and legal entities, including VIP clients, improve the remote service system, and carry out an active advertising campaign. In addition, in order to conduct an effective deposit policy, it is necessary: firstly, to use such a methodology for analyzing the formation and use of the deposit portfolio, the result of which will be analytical information for decision-making in terms of improving the structure of deposit resources, and, secondly, to evaluate the deposit policy of a commercial bank in order to be competitive at the deposit resources market. Directions of the formation and implementation improvement of the commercial banks' deposit policy are the development of methodical provisions on the analysis of the deposit portfolio to assess the stability of raising deposit resources, efficiency, deposit policy, and to develop practical recommendations regarding the use of information analysis for decision-making on the deposit portfolio management. Developing the theoretical and methodological provisions, the study analyzes the modern scientific idea of improving the methodology for analyzing the deposit portfolio of commercial banks. The author's approach to the formation of a complex methodology for analyzing the deposit portfolio of a commercial bank, which is considered as a continuous cyclical process and includes the proposed stages and directions, is presented. Keywords: Commercial banks comprehensive methods of analysis deposit policy deposit portfolio methods of analysis

Introduction

Improving the formation and implementation of deposit policy is directly related to the analysis of the deposit portfolio. Many Russian and foreign researchers have devoted their works to the essence and role of deposit resources of commercial banks ( Ansori et al., 2019 ; Dia & VanHoose, 2019 ; Ilyunina & Lunyakov, 2017 ; Liu et al., 2020 ; Rykov, 2016, 2017; Valinurova et al., 2014 ). Many researchers have also devoted their works to the analysis of commercial banks' resources and other aspects of working with deposit resources ( Chizhova et al., 2017 ; Penchukova & Chizhova, 2018 ). Conducting research of the economic literature in the field of analysis of a commercial bank's deposit portfolio, we can conclude that there are no comprehensive methods nowadays. The existing methods of analyzing the formation and use of the deposit portfolio, the used methods and tools do not provide enough analytical information for making management decisions to ensure sustainable attraction of deposit resources, do not allow us to get an answer to the questions that commercial banks face when managing the deposit portfolio, and therefore require further study and improvement.

Thus, there is a need to develop a comprehensive methodology that would include a set of analytical procedures that allow for a comprehensive analysis of the commercial bank's deposit portfolio, make it possible to assess the effectiveness of attracting and using deposit resources, and identify reserves for increasing the bank's profitability and liquidity based on a system of indicators. This is the purpose of the study, which involves the development of directions for the development of theoretical, methodological and practical provisions for the analysis of the deposit portfolio of commercial banks.

Problem Statement

The purpose of this study is to substantiate the author's complex methodology for analyzing the deposit portfolio of commercial banks based on a generalization of theoretical and methodological provisions. The solution to this problem is seen in determining the stages and directions of the methodology, methods of analysis. The complex methodology includes the proposed analyzed indicators. The obtained information based on the results of the analysis allows us to assess the stability of attracting deposit resources for the reporting period and the performance of indicators provided by the business plan. In addition, it will allow evaluating the effectiveness of using deposit funds. This will allow searching for reserves to increase profitability and ensure the liquidity of commercial banks. Thus, the results of the analysis will be one of the conditions for achieving efficient use of deposit resources and, as a result, the formation of a deposit portfolio that ensures maintaining liquidity and increasing the profitability of commercial banks.

Research Questions

Within the framework of this work, the following research areas are identified:

1.The theoretical provisions of a comprehensive analysis of the commercial banks’ deposit portfolio are disclosed.

2.The purposes of a comprehensive methodology for analyzing the deposit portfolio of commercial banks are defined.

3.The stages and directions of comprehensive methods of analysis of the commercial banks' deposit portfolio have been developed.

4.The composition of the analyzed indicators for attraction and turnover of deposit resources is suggested.

5.A set of indicators for assessing the stability of attracting deposit resources has been formed.

6.The directions of using analytical information for making decisions on deposit portfolio management are suggested.

Purpose of the Study

The purpose of the study is to develop theoretical and methodological provisions for analyzing the deposit portfolio of commercial banks, to develop practical recommendations for using the results of analysis in making decisions on managing the deposit portfolio. For this purpose, the target orientation of the complex methodology for analyzing the deposit portfolio has been established. The content of the stages and directions of the suggested methods of analysis is revealed. Segmentation of depositors in the analysis of the deposit portfolio is proposed. From the variety of analyzed indicators, we selected those indicators that allow to evaluate the work of a commercial bank in attracting deposit resources. The measures that commercial banks should take in terms of forming and implementing deposit policy to ensure regulatory levels of liquidity are outlined. Practical recommendations on the use of analytical information for making decisions on deposit portfolio management are offered.

Research Methods

Questions of deepening and expanding the scientific and methodological foundations, development of practical recommendations on the methodology for analyzing the deposit portfolio of commercial banks required the use of the following research methods:

⁻observation and systematization of accumulated theoretical research results to reveal the theoretical provisions of a comprehensive analysis of the commercial banks' deposit portfolio;

⁻system and comparative analysis for the development of stages and directions of a comprehensive methodology for analyzing the deposit portfolio of commercial banks;

⁻grouping for segmentation of depositors in the analysis of the deposit portfolio;

⁻comparison as a result of selecting the analyzed indicators;

⁻ coefficient method that allows to calculate the quantitative relationships between different groupings;

⁻the generalization method was used to develop practical suggestions for using analytical information to make decisions on managing the deposit portfolio.

In the study, the deposit portfolio is understood as a set of deposit resources attracted by the bank for a certain period or on demand in national and foreign currencies, precious metals from credit organizations, legal entities that are not credit organizations, and individuals.

A comprehensive methodology for analyzing the deposit portfolio of a commercial bank is used to achieve the following goals:

- summarizing the results of the deposit policy implementation for the reporting periods;

- determining the volume of attracting deposit resources in various structural sections;

- calculation of reserves to increase profitability and ensure the bank's liquidity.

A comprehensive methodology for analyzing the deposit portfolio of a commercial bank is a continuous cyclical process that includes the following stages:

Stage one. Monitoring of the deposit market. The goal of the stage is to develop measures to eliminate and loosen negative factors affecting the process of attracting and using deposit resources.

Stage two. Analysis of the achieved actual indicators on deposit resources for the reporting periods. At this stage, the actual volume of deposit resources is analyzed and trends on the deposit resources market are identified.

Stage three. Planning the volume of attracted deposit resources by categories of depositors, terms, types of currencies and other analytical sections for the current and long-term prospects. It includes development of planning methods; development of a business plan for the bank's development with an assessment of multi-variant projected scenarios for the deposit portfolio; determination of regional features of the deposit market; calculation of projected values of the bank's profitability and liquidity.

Stage fourth. Assessment of the stability of attracting deposit resources. At this stage, new banking products and technologies are being introduced, including those related to the digitalization of banking processes, the establishment of flexible tariffs and interest rates, and measures are being developed to reduce banking costs.

A comprehensive methodology for analyzing a deposit portfolio includes the following elements and techniques:

- informal (logical) - development of a system of indicators; comparison; construction of analytical tables; methods of situational analysis and forecasting, etc.;

- formalized (mathematical) - factor analysis, grouping method, methods of financial calculations, etc.

The suggested comprehensive methodology for analyzing the bank's deposit portfolio is carried out in the following areas.

Horizontal and vertical analysis of the bank's liabilities.

When analyzing the bank's liabilities, the actual volume of deposit resources is analyzed, and their trends in dynamics and structure are revealed. The analysis calculates the growth and increase rates of the bank's liabilities and deposit resources as part of the liabilities. The total coefficient of the customer base is calculated, i.e. the share of customer funds (legal entities and individuals) in liabilities is determined. Ideally, it should be aimed at 100 %. This coefficient characterizes the stability of the bank's independence from interbank deposits.

Further, the coefficient of the client base is calculated and analyzed by categories of depositors: legal entities, individuals, and credit organizations.

In conclusion, we analyze the coefficient of customer base diversification, which is determined by the ratio of attracted funds of individuals to attracted funds of legal entities. This coefficient characterizes the degree of stability of the resource base.

2. Horizontal and vertical analysis of the deposit portfolio. This analysis should be carried out:

- by time intervals of attracting deposits and certificates - on demand, urgent (diversification is applied for periods up to 30 days, from 30 to 90 days, from 91 to 180 days, from 181 to 1 year, from 1 year to 3 years, over 3 years);

- by type of deposit (national currency, foreign currency);

- by categories of depositors (credit organizations, legal entities, individuals);

- by deposits form (deposits, savings certificates).

For these purposes, it is proposed to segment depositors and deposit resources:

credit organizations with deposits: up to 700 thousand rubles; from 700 thousand to 1 million rubles; from 1 million to 3 million rubles. Deposit length: up to 30 days; from 31 days to 1 year;

legal entities with deposits: up to 700 thousand rubles; from 700 thousand to 1 million rubles, from 1 million to 3 million rubles; over 3 million rubles. Deposit length: up to 30 days, from 31 days to 1 year; from 1 year to 3 years;

individuals with deposits: up to 100 thousand rubles, from 100 thousand rubles to 300 thousand rubles, from 300 thousand rubles to 700 thousand rubles, from 700 thousand to 1 million rubles from 1 million to 3 million rubles. Deposit length: up to 30 days, from 31 days to 1 year, from 1 year to 3 years, over 3 years

Horizontal and vertical analysis of the deposit portfolio should be carried out in the bank and its branches. Horizontal analysis determines the trends of each group of deposit resources. It helps to predict their growth or decrease. In vertical (structural) analysis, determining the specific weights of individual groups of deposit resources makes it possible to determine their structure and the volume occupied by a particular group of deposit resources.

3. Analysis of indicators of attraction and turnover of deposit resources.

To analyze the attracted resources and their turnover, it is suggested to use the following indicators: the number of deposit turnover for the period by depositors category, the coefficient of attracting deposit resources by depositors category, the coefficient of concluded deposit agreements by depositors category. The procedure for calculating these indicators and their economic substance are presented in Table 1 .

The proposed indicators should be calculated and analyzed in general by bank and branches, by categories of depositors, by terms of attraction, by types of currency.

4. Analysis of interest expenses on deposit resources.

The analysis calculates the growth and increase rates of interest expenses on deposit resources in general for the bank and branches, by categories of depositors, by terms of attraction, by types of currency. The average interest rate on deposits by categories of depositors is analyzed, which shows the ratio of interest on deposits to the average balance of deposits for each category of depositors. To analyze the deposit portfolio, the influence of factors on the amount of interest expenses is calculated: the volume of attracted deposit resources by categories of depositors and the size of the interest deposit rate by categories of depositors.

5. Assessment of the stability of attracting deposit resources.

This is the final direction of the deposit portfolio analysis. When assessing, we suggest calculating: the coefficient of variability of the resource balance for each category of depositors, the coefficient of deposit ruble subsidence, and the average deposit retention period for depositors’ categories. The procedure for calculating these indicators and their economic substance is presented in Table 2 .

To manage their deposit portfolio, commercial banks need to:

determine which category of clients is profitable from the point of view of efficient use of their resources, i.e. provides greater stability of the deposit mass and a higher minimum required balance on their account;

timely attract clients, i.e. know the category of clients and how many of them is supposed to be in each category, which and how many clients should be attracted in order to ensure the necessary optimal volume of the deposit portfolio;

ensure efficient use of deposit resources, i.e. calculate the cost of deposit products and determine their profitability in the context of each customer segment, which will allow for a flexible individual interest rate policy;

develop an information and analytical system to support management decision-making in the formation and use of the deposit portfolio. This is a key factor, as it provides the necessary analytical and evaluation information for rapid and timely response to changes in the internal and external environment.

Maintaining the liquidity and profitability of commercial banks is a prerequisite for achieving efficient use of deposit resources and, as a result, the formation of a deposit portfolio. Calculation of reserves for increasing the amount of profit is determined for each category of depositors. Their main sources are increasing the volume of deposit resources, reducing interest rates on attracted deposits, and improving the quality of deposit services.

In order to ensure regulatory levels of liquidity, the bank have to take the following measures:

- to improve the liquidity management structure, which includes a strategy to limit liquidity risks;

- to perform an analysis of the bank's liquidity, during which deviations in their reduction or exceeding the regulatory values may be detected;

- to develop operations with liquid securities, as well as interbank lending and operations with the Central Bank of the Russian Federation;

- to use mechanisms to improve the deposit insurance system;

- to implement the market formation of secondary loan obligations.

In conclusion, it should be noted that the suggested comprehensive methodology for analyzing the deposit portfolio of commercial banks is the result of searching for the optimal option for assessing the effectiveness of using attracted deposit resources by commercial banks. An effective deposit policy is a policy that is implemented by commercial banks to attract deposit resources and manage them in order to achieve the planned level of profitability and to ensure liquidity standards. The conclusions made on the basis of the indicators analysis will make it possible to implement the strategic targets and tasks set by the deposit policy of banks. The results of the deposit portfolio analysis serve as a starting point for the final assessment of the deposit policy effectiveness. Assessment of the effectiveness of the commercial banks' deposit policy is a set of assessment procedures that allow to draw conclusions about the strategy implemented to attract deposit resources. Thus, the proposed comprehensive methodology for analyzing the deposit portfolio gives a clear idea of the scale of the bank further development within the current restrictions on attracting deposit resources.

• Ansori, M. F., Sidarto, K. A., & Sumarti, N. (2019). Model of deposit and loan of a bank using spiral optimization algorithm. Journal of the Indonesian Mathematical Society, 25(3), 292-301.
• Chizhova, L. P., Penchukova, T. A., & Aistova, M. D. (2017). Тhe use of groups, average values and indicators of variation in the analysis of commercial banks. Russian Economic Online Journal, 4, 2-20.
• Dia, E., & VanHoose, D. (2019). Real resource utilization in banking, economies of scope, and the relationship between retail loans and deposits. Economics Letters, 177, 39-42.
• Ilyunina, D. A., & Lunyakov, O. V. (2017). The essence and role of deposit resources in commercial banks. Finance and Credit, 23(32), 1894-1910.
• Liu, X. H., Sun, J. S., Yang, F., & Wu, J. (2020). How ownership structure affects bank deposits and loan efficiencies: An empirical analysis of Chinese commercial banks. Annals of Operations Research, 290(1-2), 983-1008.
• Penchukova, T. A., & Chizhova, L. P. (2018). Dynamic analysis and forecasting of commercial activity of banks. Russian Economic Online Journal, 2, 2-12.
• Rykov, S. V. (2016). Formation of the Russian bank deposit insurance scheme. International Journal of Economics and Financial Issues, 6(S8), 197-201.
• Rykov, S. V. (2017). Bank deposits from the position of attractiveness for investments by individuals. In E.G. Popkova (Ed.), Overcoming Uncertainty of Institutional Environment as a Tool of Global Crisis Management. Contributions to Economics (pp. 387-394). Springer.
• Valinurova, A., Balabanova, N., & Gorunova, Y. (2014). The methodology of commercial bank deposit matrix construction. Modern High Technologies. Regional Application, 2(38), 43-46.

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30 April 2021

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https://doi.org/10.15405/epsbs.2021.04.02.45

978-1-80296-105-8

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Socio-economic development, digital economy, management, public administration

Cite this article as:

Kolesnik, N. F., Manyaeva, V. A., & Rykov, S. V. (2021). Methods Of Analysis Of Commercial Banks’ Deposit Portfolio. In S. I. Ashmarina, V. V. Mantulenko, M. I. Inozemtsev, & E. L. Sidorenko (Eds.), Global Challenges and Prospects of The Modern Economic Development, vol 106. European Proceedings of Social and Behavioural Sciences (pp. 372-379). European Publisher. https://doi.org/10.15405/epsbs.2021.04.02.45

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Key determinants of deposits volume using CAMEL rating system: The case of Saudi banks

Dania al-najjar.

Finance Department, School of Business, King Faisal University, Al Hofuf, Saudi Arabia

Hamzeh F. Assous

Associated data.

All relevant data are within the manuscript and its S1 File files.

CAMEL is considered one of the well-known banking rating systems used to build a proper bank ranking. In our paper, we investigate the CAMEL rating for Saudi banks, which is considered the second largest banking sector in GCC. The Saudi banking sector consists of 11 banks and is the leading sector in the Saudi stock index (TASI). In this research, we aim to determine the ranking of Saudi banks according to CAMEL composite and CAMEL overall ratings and explore the effects of these ratings on banks’ total deposits for the period from 2014 to 2018. The methodology involves four phases. In the first phase, we calculate the key financial ratios of CAMEL’s composites for each bank. In the second phase, we rank the banks from 1 to 11 to each one of CAMEL’s composites for each bank per year. In the third phase, we rank Saudi banks according to CAMEL composite and CAMEL overall. Finally, in the fourth phase, we run a regression model using CAMEL financial ratios rank as independent variable and banks’ total deposits as a dependent variable. Using the stepwise regression method, the results indicated that the best regression model has an adjusted R 2 of 73.4% and a standard error of around 0.58. The results further indicated that capital measured by CAR, management as an efficiency ratio, earning with ROE proxy, and liquidity as loans to deposits have positive effects on banks’ total deposits. Meanwhile, earnings as net interest income to net revenue and liquidity calculated by CASA have a negative effect on banks’ total deposits. Finally, asset quality ratios and the rest of the ratios have no significant effect on banks’ total deposits.

Introduction

Banks are the key financial performers in economies and the mirror of all other sectors. The banking system plays a vital role in the economy as an important channel through which cumulative investments increase. The genuine development of the banking sector’s actions promotes economic activities and its growth by encouraging savings and mobilizing public savings. Thus, when the banking sector performs well, the whole economy will succeed.

Banks underpin the modern economy and play a central role in the transmission of monetary policy, which in turn enhances stability and economic growth. The importance of banks comes from their role as financial institutions that accept deposits from the public to use them in many banking products, mainly by offering loans to their customers to earn interest. Deposits and loans are crucial figures on the banks’ balance sheets. Deposits are relatively the cheapest source of funds for banks and loans are the main use of funds in banks. However, deposits cannot be increased without the strong financial position of banks. Extra deposits could enhance the bank’s trust while the increase in loans should only be attached to highly rated clients.

Rating systems are very important for predicting the potential bankruptcy of different parties. Banks apply one of these systems to assess the creditworthiness of their clients scientifically and accurately and to predict the possibility of bankruptcy of those clients in advance [ 1 – 3 ].

Central banks apply the rating system because they are responsible for managing the country’s financial system in general and regulating banks. Hence, central banks’ rating for banks specifies the level of direct supervision it requires and enhances the depositors’ trust in banks. The central bank’s regulations are crucial for the proper functioning of economies and societies and for preventing banks from engaging in risky activities or repeating similar mistakes that could threaten the banking sector and the entire economy. Regulations should also improve financial stability and encourage clean competition among banks [ 4 – 6 ].

The concept of examining the banks’ processes and operations was first applied through Uniform Financial Institutions Rating System for banks in the USA. Regulatory bodies and central banks worldwide adopted CAMEL as a supervisory rating system to evaluate and differentiate between strong and distressed banks and to specify the required level of supervision required for each bank.

The CAMEL rating system is the abbreviation of the five assessment composites, namely, Capital, Asset Quality, Management Quality, Earnings Quality, and Liquidity. These ratings are very important for depositors because they can enhance the trust in banks and protect depositors’ wealth.

Many researchers have applied the CAMEL rating system and CAMEL composites in their research to assess and rank public, private, conventional, and Islamic banks [ 7 – 14 ].

In our study, we aim to use the ranks of CAMEL composites and the overall rank of Saudi banks to determine the drivers of bank deposits. Saudi banking sector consists of 11 banks, seven of which are conventional and the rest are Islamic. The Saudi baking system is considered the second largest banking sector in GCC with a total asset of 29% of the region’s total banking assets. The Saudi banking sector index is the leading sector index in TASI.

To the best of our knowledge, this paper is the first to study the effects of CAMEL ranking on Saudi banks’ total deposits. The main contributions of this paper are (I) it ranks each bank according to the CAMEL composites ratios from 1 to 11 for the period from 2014–2018 (II) it ranks each bank according to CAMEL composites and overall ranking on average basis for the period from 2014–2018, (III) it specifies which of the CAMEL composites has the strongest effect on Saudi banks’ total deposits, and (IV) it highlights the most important theoretical background and literature review of CAMEL ratings and banking sector.

This study is structured as follows. Section 2 describes the literature review, Section 3 discusses the methodology, Section 4 shows the main results of our analysis, and Section 5 provides the conclusions.

Literature review

Banks are the backbone of any economy and are completely interlinked with the financial systems that existed in the economies [ 15 ]. Although banks that perform in the same country have the same environment, significant variations in their performance can be observed as found in [ 16 ].

Many researchers have attempted to rank banks and assess them using different models. [ 17 ] assessed the credit risk of public and private banks by applying multiple models (i.e., Altman Z-score, Springate, and Grover and Zmijewski models). [ 18 ] studied banking Z-score and found that distressed stocks outperform non-distressed stocks during market growths.

CAMEL overall and banks’ performance

CAMEL’s overall rating for banks has a scale from rate 1 to rate 5. Rate 1 indicates that banks have a strong performance and excellent risk management practices, while rate 5 indicates the lowest rating with the worst performance and lack of risk management practices.

The CAMEL model has been used by many researchers to rank public and private banks. [ 8 , 10 ] investigated the financial performance of public and private banks to assign ranks based on the five CAMEL composites and overall ranks. According to [ 11 ], private banks were superior in three CAMEL composites, namely, asset quality, earnings quality, and management efficiency, while public banks performed better under the liquidity composite. However, [ 15 ] found that public banks have focused on increasing their capital composite to reach a suitable level of capital but need to determine more creative ideas to employ their funds and to maximize their profits. However, [ 13 ] found that private banks perform better than public banks only in management efficiency and earnings quality, while in other CAMEL composites, both types of banks have the same level.

Other researchers have investigated the difference between conventional and Islamic banks using the CAMEL model. [ 7 , 12 , 14 ] found that conventional banks outperformed Islamic banks according to the CAMEL model.

Finally, the CAMEL model is a well-known model used by many researchers to rank the financial performance of banks and is applied by many central banks worldwide to assess banks’ position. [ 9 ] found that the CAMEL model can be used to build an early warning system for banks’ failure.

CAMEL composites and bank performance

CAMEL composites rating gives the bank per each composite a rate from one to five, as for Capital, rate 1 means strong capital level while 5 means a critical deficient level of capital.

Researchers found that banks obtained different ranks when they are rated using one of CAMEL composites than when the CAMEL overall model is used [ 19 – 23 ].

Capital adequacy “C” and bank performance

Capital adequacy indicates the level of banks’ compliance with regulations of the minimum capital reserve amount. The capital structure concentration for any bank is highly important, as shown in [ 24 ], whose findings revealed that the number of large and institutional shareholders of banks has a positive effect only on profitability, not on risk.

Several scholars have studied bank Capital ratios (i.e. Capital Adequacy Ratio) and found a significant and positive relationship/effect of capital on profitability proxies and major key financial performance indicators [ 25 – 29 ]. [ 30 ] proved the existence of a positive relationship between CAR and return of deposits money banks. CAR has a strong effect on the change in loans and a positive effect on lending [ 31 , 32 ]. [ 33 ] investigated the relation between CAR ratios and efficiency, and revealed that the efficiency ratio has a positive effect on CAR in Islamic banks and a negative effect on CAR in conventional banks.

[ 34 ] showed that the performance of banks is significantly influenced by banks’ decisions related to capital, cost control, business diversification, asset quality, and liquidity.

Asset and loan quality and bank performance

Many researchers investigated the importance of “A” Asset / Loan Quality in banks because loans are the core portion of banks’ assets. Asset quality is an important figure in banks as the value of assets can decrease rapidly if they are at high risk. Asset/Loan quality discusses the way that banks manage their assets and loans to maximize the income of these assets and minimize non-performing loans and non-performing assets. Researchers found that poor asset quality and high non-performing loans affect profitability ratios and other KPIs negatively [ 12 , 35 – 37 ]. Moreover, [ 38 ] investigated the effects of non-performing assets on the financial stability and profits of public banks. The study concluded that non-performing loans affect the financial position of the banking and non-banking financial companies.

[ 39 ] investigated product development projects’ financing choices under traditional initial coin offerings and traditional bank loans in the blockchain era and concluded that financing models have an important effect on optimal pricing, initial profits, and quality decisions.

To enhance the asset quality of banks, [ 40 ] found that quarterly financial reports of banks improve loan and asset quality. [ 41 ] found that banks with lower asset quality will benefit more from income diversifications (i.e. non-interest income) and will result in increasing the profit. [ 42 ] concluded that banks should increase non-performing loans provisions and banks must build sound and proactive units to efficiently manage non-performing loans to become performing loans. [ 43 ] found that non-performing loans increase the chance of bank distress and thus, building enough provisions can be a good action to mitigate this distress probability. Finally, [ 44 ] findings showed that conventional banks have high-quality assets and stability compared to Islamic banks.

Management quality and banks’ efficiency

Management quality measures the quality of a bank’s business strategy financial performance and internal controls. Several scholars examined the importance of “M” Management Quality in banks. [ 45 ] showed that management quality and ROE have a strong influence on the probability of banking crises. [ 46 ] revealed that conventional banks have better management and asset quality compared to Islamic banks who have better CAR and liquidity ratios. [ 47 ] found that the big five Chinese banks suffer from low average cost efficiency while [ 48 ] found that a significant heterogeneity in Chinese commercial banking efficiency for overall efficiency, productivity, and profitability efficiency.

[ 49 ] determined the cost-efficiency ratio and non-performing loans are significantly negatively related to financial performance. [ 50 ] indicated that bank size and the number of bank branches were important drivers of bank efficiency and further found that capital, asset, and earnings of banks were essential factors for technical efficiency and pure technical efficiency of the banks.

Other scholars have explored banks’ management quality through the implementation of best corporate governance and social responsibility practices [ 24 , 51 – 53 ]. [ 51 ] applied different corporate governance practices in banks (i.e., female independent directors, CEO duality, and CEO shareholding) and found that bank financial performance was positively affected by these practices. [ 53 ] revealed that social responsibility and human resource management have a significant positive effect on bank reputation and a significant negative influence on turnover intention.

Earning quality

The importance of “E” Earnings quality is to evaluate the banks’ long-term viability because they need an appropriate return to be able to grow their operations and maintain their competitiveness.

Earning quality has been explored by many researchers. [ 54 ] found that bank size and age, intellectual capital performance, and barriers to entry have a significant effect on earnings quality. [ 55 ] revealed that earnings management practices are highly influenced by audit committee techniques, and concluded that earning management is lower in Islamic banks compared to conventional banks.

However, [ 56 ] found that banks with high earnings management practices will encourage audit committees to increase their voluntary disclosure. [ 57 ] revealed that higher earnings management practices of banks were caused by lower foreign ownership and higher ownership concentrations of these banks. Finally, [ 58 ] showed that banks’ earnings and insolvency risk are extremely affected by sustainable banks practices while market power was not one of the profitability drivers in sustainable banks.

The last composite is “L” liquidity. The liquidity of banks is a vital concept as the lack of liquid capital can lead to a bank run. According to [ 59 ], a moderate increase in banks’ liquidity help in enhancing their efficiency, while too much liquidity could increase the inefficiency level of the bank. [ 60 ] showed that liquidity and solvency risk factors positively affect cost efficiency measures. [ 61 ] found that Islamic banks’ liquidity is positively affected by CAR ratios while negatively affected by credit risk and profitability ratios. Nevertheless, [ 62 ] analyzed the economic structure of ethical and conventional banking, and they found that ethical banking is growing more with greater liquidity and solvency levels but almost the same profitability.

[ 63 ] revealed that bank connections within a network are important to understand how banks set their liquidity ratios. Other scholars concentrate on the type of deposits to enhance liquidity. [ 64 ] showed that if a bank’s deposits are less than the bank’s advances, the bank will have a problem with liquidity. However, [ 65 ] found that the credit deposit ratio (segregated into banks-high credit deposit ratio and banks-low credit deposit ratio) has a significant effect on the profitability of the banks.

Banks deposits and CAMEL composites

Deposit mobilization is the first step in the financial intermediation process. Banks cannot function without deposits because these deposits are cheap and reliable sources of funds for development in countries. Banks should finance more of their loans from deposits so that the bank will not face liquidity squeezes and enhance banking system stability.

CAMEL rating is important in enhancing the ability of banks in attracting new deposits. Many researchers have explored the effects of macroeconomic and bank-specific factors to determine the drivers of total deposits. [ 66 ] examined the determinants of banks deposits for the period from 2008 to 2017 using random effects. The findings showed that the profitability, bank’s size, profitability, and liquidity are the most significant determinants of bank deposits.

[ 67 ] defined the determinants of Moroccan bank deposits for the period 2003–2014 using panel data regression. Results showed bank risk, interest rate, and bank size as significant variables of deposits. [ 68 ] study the determinants of deposit mobilization using panel least regression and fixed effects for a sample of 112 banks. The results revealed that loan to asset ratio, liquidity ratio, and bank size are the most significant drivers of deposit mobilizations.

[ 69 ] analyzed the commercial banks’ deposits and found that it is positively related to bank profitability. [ 70 ] found that interest rate and the real rate of return affected saving accounts in Islamic banks. [ 71 ] found that bank-specific factors (i.e liquidity, bank risk, and loan exposure) influence deposits.

Hence, we aim to address the following questions:

• What are the financial ratios of CAMEL composites?
• What are the ranks of conventional and Islamic Saudi banks using CAMEL overall ranking and CAMEL composites?
• Can CAMEL overall ranking and CAMEL composites determine the drivers of Saudi banks’ deposits?

Methodology

To answer our research questions, we have first to specify the CAMEL ranking for Saudi banks. Hence, the central bank of Saudi Arabia imposed clear and sharp regulations regarding the soundness and strength of Saudi banks to specify the level of supervision and follow-up needed in each bank. All banks have high ranking and excellent financial ratios. We will simulate the CAMEL model ranking by analyzing specific financial ratios for each composite. Next, the Saudi banks will be ranked upon these financial ratios, which will then be rated according to each CAMEL composite. Finally, Saudi banks will be ranked using CAMEL overall rank.

The methodology will be implemented as follows. The first stage is to prepare the data by calculating the main financial ratios of CAMEL’s composites for each bank for the period from 2014–2018. Then, to provide ranking from 1 to 11 for the average of each financial ratio for each bank within the period under study. The second stage involves the analysis part that includes ranking the Saudi banks according to the CAMEL composite and CAMEL overall ranking. Then, the regression model is run using the CAMEL financial ratios ranking as independent variables and the banks’ total deposits as a dependent variable.

Data collection

First, we started by calculating the financial ratios of CAMEL model composites, namely, Capital, Assets Quality, Management Quality, Earnings Quality, and Liquidity. There are eleven Saudi banks (seven conventional and four Islamic banks). The CAMEL composites of these banks were translated into 13 indicators and covered the period from 2014–2018.

To explore the effects of the CAMEL model on banks’ total deposits, we started by calculating the financial ratios of each bank for the period from 2014–2018.

Capital ratios include total capital adequacy ratios CAR and CAR tier 1. Asset quality ratios include loan losses to total loans (LL/TL) and loan losses to total equity (LL/TE). For Management ratios, we implemented net profit per employee, efficiency ratio, and earnings growth. Moving to earnings ratios are calculated by ROA, ROE, net interest income to total assets (NII/ TA), and net interest income to net revenue (NII/NR). Finally, we used loans to deposits (LTD) and current and saving counts to total deposits (CASA) as proxies of liquidity.

Ranks based on CAMEL financial ratios

We will use the calculated ratios for the period from 2014–2018 to calculate the arithmetic average per ratio for each bank. We then give ranks for banks from 1 to 11 according to each average ratio, in which rank 1 reflects the bank that has the best ratio and rank 11 indicates the bank that has the lowest ratio, this methodology is used by Singhal, 2020.

Table 1 shows the averages of ranks per each ratio for the period under consideration. According to Basel III Accords, capital is measured by capital adequacy ratios (total and tier 1), in which CAR ratios are calculated by dividing a bank’s capital on its risk-weighted assets. A bank’s capital consists of tiers I, II, and III, in which Tier 1 consists of shareholders’ equity and retained earnings. The denominator of CAR ratios is the risk-weighted assets containing three types of risk: operational, credit, and market risk.

CAR (total, tier 1) ratios are imposed by central banks because of the recommendations of Basel Accords, in which total CAR and tier 1 should not be less than 10.5% and 6%, respectively. CAR ratios are very essential to regulatory bodies because they ensure the ability of banks’ capital to absorb a reasonable amount of loss and protect the banks from taking an extra risk or becoming insolvent. These ratios will protect depositors and enhance the soundness and stability of the financial sector not only in the country but also worldwide. According to our analysis in Table 1 , Alinma Bank had the highest CAR ratios while Arab National Bank and Bank Albilad had the lowest CAR and CAR tier 1, respectively.

Banks’ asset includes cash, government securities, interest-earning loans, and investments. Asset quality of banks and Loan quality are two expressions with essentially the same meaning. The quality of Assets in banks means the quality of loans, which can be reflected in enhancing the soundness and profitability for the bank. Loans are classified into performing loans (PL) and non-performing loans (NPL). NPL refers to loans in which the borrower did not pay the scheduled payments for 90 days. In our study, we used loan losses ratios that indicate the loss that banks have when loans are not paid back. According to Asset quality proxies, as shown in Table 1 , Alinma Bank had the best Assets ratios, Loan losses to total loans (LL/TL), and loan losses to total equity (LL/TE) as compared to Bank Albilad, which had the least ranking.

In Management ratios, we focused on the ratios that measure the management’s ability in directing the main activities of the bank and the funds. Management ratios include efficiency ratio that indicates the ability of the banks to utilize their funds efficiently. The managing capabilities of maximizing and increasing the profits and earnings of banks are measured by net profit per employee, efficiency ratio, and earnings growth.

Our analysis shows that Samba Financial Group had the highest net profit per employee and the best efficiency ratio. Bank Aljazeera and Bank Albilad had the lowest efficiency ratio and Net profit per employee, respectively. Finally, Alinma Bank had the highest earning growth compared to Saudi Investment Bank with the lowest ratio.

Table 2 shows that Earnings are the most important KPIs in any institute, while ROA and ROE are considered vital ratios that reflect profitability. In addition to the previously mentioned ratios, banks have special earnings ratios of net interest income to total assets (NII/TA) and net interest income to net revenue (NII/NR). Net interest income is considered the most important figure in banks’ income statements and their main source of income. Accordingly, by using the proxies of ROA, ROE, and NII/TA, AlRajhi Bank has the highest ratios while Aljazeera Bank, Alinma Bank, and Saudi Investment Bank have the lowest ratios of ROA, ROE, and NII/TA, respectively. According to NII/ NR, Alinma Bank had the highest and Samba Financial Group had the lowest figure.

Liquidity refers to the ability of banks to pay back their current liabilities from their current assets. Bank’s Liquidity ratios include Loans to deposits (LTD) and Current and saving counts to total deposits (CASA). Table 2 shows that Alinma Bank had the best LTD ratio versus Samba Financial Group, which had the lowest LTD. CASA, AlRajhi Bank had the best ratio compared to Saudi Investment Bank, which had the lowest ratio.

Analysis and results

In this section, we rank the banks according to each CAMEL composite and overall ranking, then run a regression model to find the effect of the CAMEL ranking of Saudi banks on total deposits.

Ranks based on CAMEL composites and overall rank

To rank the Saudi banks according to CAMEL composites and CAMEL overall ranking, we computed the average of the ranks of each financial ratio for each composite of CAMEL composites. As for capital, we took the average of the “CAR and CAR tier 1” ranking for each bank then ranked the bank according to capital composite as shown in Table 3 .

Table 3 shows that in the CAMEL composite ranking, Alinma Bank had the highest Capital and Assets ratios, while Saudi British Bank had the highest Management quality ratios. In the Earnings ratio, AlRajhi Bank had the highest average earnings ratios. Alinma Bank, AlRajhi Bank, and Bank Albilad had the highest Liquidity ratios.

Finally, to rank the banks according to CAMEL’s overall ranking, we calculated the average of the five CAMEL composites. The calculations indicated that Alinam Bank had the highest CAMEL overall ranking followed by Al Rajhi Bank, while Bank Albilad had the lowest CAMEL overall ranking.

Regression analysis

We run the regression model- stepwise method as shown in Tables ​ Tables4 4 and ​ and5 5 to study the effects of CAMEL ranking of Saudi banks on total deposits. The best model is Model 6, which is significant with an adjusted R 2 of 73.4% and a standard error of around 0.58. Table 4 also shows that the autocorrelation test -Durbin Watson is equal to 1.122.

a Predictors: (Constant), Efficiency Ratio.

b Predictors: (Constant), Efficiency Ratio, CASA.

c Predictors: (Constant), Efficiency Ratio, CASA, NII/NR.

d Predictors: (Constant), Efficiency Ratio, CASA, NII/NR, LTD.

e Predictors: (Constant), Efficiency Ratio, CASA, NII/NR, LTD, CAR.

f Predictors: (Constant), Efficiency Ratio, CASA, NII/NR, LTD, CAR, ROE.

g Dependent Variable: Deposits.

a. Dependent Variable: Deposits.

The regression analysis was run using a stepwise method as shown in Table 6 . The table shows that the multicollinearity problem does not exist because each variable has a VIF figure less than 10. The results also showed that there are six models, and that Model 6 is the best model with the highest adjusted R 2 and lowest standard error.

a. Dependent Variable: Deposits

Table 6 further shows that the Capital composite (measured by CAR) has a positive effect on total deposits. High CAR indicates a high level of efficiency and stability because it lowers the risk of banks’ insolvency and banks can meet their financial obligations. Accordingly, high CAR ratios increase the trust of depositors to deposit more in this bank. Our results of the positive significant effect of Capital ratios on total deposits are not consistent with [ 66 ]. who found a negative insignificant effect on total deposits.

Table 6 also shows the Management composite has a positive effect on management (measured by efficiency ratio) on total deposits. Efficiency is one of the most important KPIs for banks because it reflects the bank’s ability to utilize funds and deposits effectively. An efficient utilization will result in enhancing the profitability of banks and maximizing the stockholders’ wealth.

Earnings are defined as the reflection of good management and an efficient way of managing their funds. Table 6 shows the positive effect of earnings (measured by ROE) on total deposits and this result is consistent with Haron et al. (2006). Our analysis showed a negative effect of earnings (measured by NII/NR) on total deposits, which is consistent with [ 66 ] who found a negative effect on the profitability of total deposits.

Liquidity indicates the ability of banks to pay their short-term liabilities using short-term assets, and our findings revealed that a significant effect of liquidity on total deposits, which agrees with the findings of [ 71 ]. The results showed a positive effect of liquidity (measured by LTD) on total deposits. However, the results indicated a negative effect of liquidity (measured by CASA) on total deposits which is consistent with [ 66 ] who found a negative effect on total deposits. Nevertheless, our findings indicated that the asset quality composite has no significant effect on total deposits.

The goal of our study is to investigate the effects of the CAMEL ranking on total deposits using Saudi banks’ financial ratios for the period from 2014 to 2018. We used 13 ratios to reflect the CAMEL ranking, which includes the following. Total capital adequacy ratios proxies, including CAR and CAR tier 1. Assets quality ratios, which include LL/TL and LL/TE. For Management ratios, we implemented net profit per employee, efficiency ratio, and earnings growth. Moving to earnings ratios are calculated by ROA, ROE, NII/TA, NII/NR. Finally, we used LTD and NON-IID/ TD as proxies of liquidity.

According to the data analysis, the capital ratios (CAR and CAR tier 1) indicated that Alinma Bank had the highest CAR ratios while Arab National Bank and Bank Albilad had the lowest ratios. Alinma Bank has the best Assets ratios. For loan losses to total loans (LL/TL) and loan losses to total equity (LL/TE), Bank Albilad had the least ranking.

Samba Financial Group has the highest net profit per employee and the best efficiency ratio, while Bank Aljazeera and Bank Albilad have the lowest efficiency ratio and net profit for employees, respectively. Finally, Alinma Bank had the highest earnings growth, while Saudi Investment Bank had the lowest-earning growth.

Furthermore, using the proxies of ROA, ROE, and NII/TA, Al Rajhi Bank was found to have the highest ratios while Aljazeera Bank, Alinma Bank, and Saudi Investment Bank had the lowest ratios. Alinma Bank had the highest NII/NR compared to Samba Financial Group, which has the lowest ratio.

ALinma Bank has the best LTD ratio versus the Samba Financial Group, which had the lowest ratio. For CASA, Al Rajhi Bank had the best ratio as compared to Saudi Investment Bank, which had the lowest ratio.

Finally, CAMEL composite ranks on average found that Alinma Bank had the highest Capital and Assets ratios, while Saudi British Bank had the highest Management quality ratios. In the earnings ratio, AlRajhi Bank had the highest average earnings ratio. Alinma Bank, AlRajhi Bank, and Bank Albilad had the highest Liquidity ratios. Alinam Bank had the highest CAMEL overall rank while Bank Albilad had the lowest CAMEL overall rank.

A regression model using the stepwise method was run to specify the significant CAMEL composites on Saudi banks’ total deposits. The best model with the highest adjusted R-squared and lowest standard error had a positive effect on capital (measured by CAR) and management (measured by efficiency ratio) on the bank’s total deposits. However, the mixed result of earnings was determined because of the positive effects of earnings (measured by ROE) and negative effects of earnings (measured by NII/NR) on total deposits.

Based on liquidity, our findings revealed mixed results because a positive effect was observed (measured by LTD) on total deposits and a negative effect (measured by CASA) on total deposits. Nevertheless, our findings indicated a non-significant effect of asset quality composite on total deposits.

Limitations and future studies

Our study has certain limitations. First, we depend mainly on CAMEL composites quantitative data to rank banks with no focus on qualitative aspects of the data. Thus, future studies may conduct the same analysis on other GCC banks to strengthen and support our findings. Researchers may also apply the CAMELS model after adding the sensitivity composite for the same sample to improve the results. Finally, further studies can apply the same CAMEL ratings on different GCC banks. We may also apply the effect of CAMEL rating on different banks’ KPIs using other models (i.e., the GARCH model and the artificial neural network).

Practical implications

Bank depositors may benefit from the conclusion of this study in enhancing the trust in the Saudi banking sector. Investors can also benefit from investing in the stocks of these strong banks to gain extra returns.

Moreover, policymakers of the Saudi central bank and regulatory bodies can take advantage of this study and the ranks that were given to banks in building banks’ early warning systems. This system will ease the supervision procedures of different regulatory bodies on all banks, which will be reflected in enhancing the soundness and strength of the banking sector and the stability of the economy.

Supporting information

Funding statement.

This research is funded by the Deanship of Scientific Research (DSR) at King Faisal University (KFU) under Nasher Track (Grants No. 206187).

Data Availability

• Open access
• Published: 05 September 2022

Deposit mobilization and its determinants: evidence from commercial banks in Ethiopia

• Nesru Kasim Banke   ORCID: orcid.org/0000-0001-8106-7554 1 &
• Mekonnen Kumlachew Yitayaw   ORCID: orcid.org/0000-0001-6076-1774 1  

Future Business Journal volume  8 , Article number:  32 ( 2022 ) Cite this article

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Metrics details

Deposit mobilization is the most important service and an integral part of banking operations. In Ethiopia, mobilizing savings through intense deposit collection has been regarded as the major task of banking. However, managing deposits is impossible without understanding and controlling the factors that influence them. Thus, this study examined the bank-specific and macroeconomic determinants of deposit mobilization in Ethiopian banking sectors using balanced panel data of 14 commercial banks from 2011 to 2020. Secondary data sources from sampled commercial bank audited financial statements were used to achieve the stated objective. A quantitative approach and explanatory design were employed. The model result demonstrated that loan to deposit ratio, capital adequacy, economic growth, inflation, population growth, and political stability have a negative and statistically significant effect on commercial bank deposit mobilization. On the other hand, the bank's profitability has a positive and statistically significant impact on commercial bank deposit growth. The study suggests that Ethiopian commercial banks need to improve deposit mobilization by paying more attention to internal factors controlled by management, while keeping in mind the influence of the overall economic and political dynamic. This study provides useful insights for bank managers, owners, analysts, policymakers, depositors, and other stakeholders on the deposit growth of commercial banks and its determinants. Meanwhile, academic researchers and students may use the findings and suggestions to conduct a study in the banking area. Unlike the previous studies, the present study examined the effect of population growth and political stability on deposit mobilization and contributes to the limited stock of existing knowledge in the area.

Introduction

An efficient financial system is essential for sustainable economic growth and building a dynamic economic system, and countries with well-developed financial institutions tend to grow faster [ 53 ]. In developing countries where the banking industry dominates the financial sector, such as Ethiopia, commercial banks are the primary controllers of the financial system, performing financial intermediation, and their effective and efficient operation plays a vital role in accelerating economic growth [ 2 ]. As a result, the banking system serves as the backbone of financial intermediation by mobilizing and channeling financial resources to the economy [ 13 ].

Banks play an intermediary function in a contemporary economy by mobilizing funds from savers (those with surplus income) and then lending them to investors, both individuals and businesses (deficit units) [ 5 ,  61 ]. Granting loans and advances, which is the primary source of income for banks, is usually attainable if the banks have amassed adequate deposits from the available market [ 54 ]. Thus, deposits are a vital source of funds for banking operations and are regarded as the essential resource for commercial banks in meeting the needs of banking systems' financial resources [ 54 , 46 ].

Deposit mobilization is an important source of working capital for banks and is of paramount importance to the banking industry as the size of deposits mobilized by the general public through current, savings, fixed deposits, time deposits, and other specialized systems critical to the bank's success [ 28 , 66 ]. The government has also urged banks to make all possible efforts to mobilize additional deposits, which can only speed up banks' pace of lending activities from surplus units to deficit units for the economy's development [ 23 ]. Since a deposit is considered a low-cost source of working capital, the bank's ability to lend more and its success is highly reliant on deposit mobilization [ 28 ].

In economic theory, banks are generally regarded as oligopolistic institutions with high competition [ 34 ]. However, in this highly competitive business, the bank's capacity to mobilize sufficient cash from the public through various schemes will depend on the systems employed [ 21 ]. Deposit mobilization is as important to banks as oxygen is to humans. Banks and other financial institutions may fail to meet their business objectives if they do not have enough deposits (Viswanadham, et al. [ 66 ]. The survival of the banking industry was heavily reliant on deposit growth [ 3 ]. Banks must be able to raise enough deposits to keep the economy running smoothly [ 34 ]. Although deposits are the most important source of operating capital for banks, mobilizing adequate deposits is impossible without first recognizing and controlling the factors that influence them 2 ]. Thus, the issue of bank deposit growth and the factors that influence it is critical to the financial sector of emerging countries like Ethiopia.

Several studies like Bista and Basnet [ 17 ], Alemu [ 3 ], Thisaranga and Ariyasena [ 59 ], Abiodun et al. [ 1 ], Yakubu and Abokor [ 70 ], Ayene [ 9 ], Islam et al. [ 38 ], Azolibe [ 11 ],Tarekegn [ 57 ], and Erna and Ekki [ 24 ], examined various external and internal factors that influence deposit growth and found inconsistent results. However, there are still discrepancies in many studies across continents, countries, and periods in identifying which factors have a major impact and the direction of those impacts. Furthermore, studies in Ethiopia have not considered the impact of population growth and political stability on deposit mobilization, and with the composition of the variables considered in this study. Thus, the purpose of this study was to fill this gap by investigating the determinants of deposit mobilization in Ethiopia and contributes to the existing empirical evidence.

The findings of the study demonstrated that loan to deposit ratio, capital adequacy, economic growth, inflation, population growth, and political stability have a significant negative effect on commercial bank deposit mobilization. On the other hand, the bank's profitability has a significant positive impact on commercial bank deposit growth. The results of the study will provide valuable input for banks’ managers and policy makers in developing sound policies and strategies to enhance deposit mobilization.

The remainder of the study is organized as follows. Section " Literature reviews " discusses the relevant literature reviewed. Section " Data and methodology " presents the data and methodology used in the study. Section " Results and discussions " indicates the results and discussions and Section " Conclusions " comprises of conclusions, recommendations, and directions for future studies.

Literature reviews

Banks are one of the profitable financial institutions that offer banking and other financial services to their customers by accepting deposits from the depositors and providing loans to the borrowers [ 38 ,  51 ]. Thus, deposits become the most important financial resource for commercial banks to meet the financial needs of their customers, and it requires them to mobilize and accumulate enough deposit amounts [ 46 ]. As a result, the financial resources of banking systems are primarily provided by customer deposits. The going concern of every commercial bank is highly dependent on deposits collected from customers [ 46 ]. Deposit mobilization is the process of mobilizing funds by financial institutions from the surplus units to the deficit units to create better opportunities for productive investment [ 12 , 39 ]. A bank's lending capacity is highly dependent on its ability to attract deposits, making it the ultimate source of bank profit and growth [ 9 , 20 ]. However, deposit mobilization should encourage customers to deposit cash in the bank or have new customers come and open an account in the bank [ 61 ]. To be competitive in the banking sector, banks need to have a sufficient share of the deposit market. Deposit mobilization is ineffective unless you know and control the factors that influence it. Thus, it is worthwhile to study determinant factors of deposit mobilization. Empirical evidence documented that the influence factors may be categorized as bank-specific and macroeconomic factors, [ 11 , 38 , 70 ]. Thus, we discussed further the variables considered in the study and how they influence bank deposit mobilization in Ethiopia.

Factors Affecting Deposits mobilization of Commercial Banks

In general, the determinants of bank deposits are divided into micro and macroeconomic aspects. Microeconomic factors are bank-specific variables, but Macroeconomic variables are those, when manipulated, are capable of achieving the nation’s macroeconomic objectives [ 1 , 4 , 10 , 69 , 70 ].

Firm-specific factors

Profitability (roa).

Osei [ 49 ] documented that profitability is an important factor determining rural banks' deposit mobilization. Bhalla [ 15 ] explained Return on Asset (ROA) as a ratio used to measure the company's efficiency in using its assets to generate profit. It reflects the management's ability to utilize the banks financial and real investment resources to generate profits [ 35 ]. Consequently, the more efficient company will generate a higher profit level from a given level of total assets than its less efficient competitor [ 15 ]. Thus, higher profit is considered a positive signal or soundness of the bank, making it easier for such banks to attract other deposits [ 25 ]. Alemu [ 3 ], Tarekegn [ 57 ], Getachew [ 31 ], and Erna and Ekki [ 24 ] found that a bank's profitability has a positive effect on the growth of banks deposit. Since the depositor confidence will increase if the commercial banks are profitable and have adequate asset returns, banks should sustain their profitability to increase their deposit amount.

Profitability has a significant positive effect on deposit mobilization.

Loan to deposit ratio (Bank's liquidity)

Loan to deposit ratio (LTD) can be defined as a measure of bank liquidity, which reflects the proportion of customers’ deposits that have been given out in the form of loans [ 29 , 71 ]. It refers to a bank’s ability to execute its commitments at any time, including repaying customer deposits or making a payment on the client's order [ 67 ] The greater this ratio is, the less liquid the bank is, resulting in a decline in client deposits due to the bank's limited capacity to reimburse depositors. When a bank fails to pay its depositors, it faces liquidity risk, which causes other depositors not to deposit in that particular bank [ 45 ]. Amene [ 4 ] and Awole [ 8 ] found a negative impact of bank liquidity on commercial bank deposits growth. However, Finger & Hesse [ 25 ] stated that the bank's liquidity situation plays a significant role in determining banks deposit growth and higher liquidity buffers tend to signal greater bank soundness, which could be a factor favoring deposit demand. Studies by Ünvan and Yakubu [ 63 ], and Turhani and Hoda [ 60 ] also documented that there is a positive relationship between bank liquidity and deposit.

LTD ratio has a significant negative effect on deposit mobilization

Capital adequacy

Capital adequacy is the level of capital that banks must hold to enable them to withstand credit, market, and operational risks they are exposed to Tarekegn [ 57 ]. Bank capital plays an important role in maintaining the security of banks and the security of the banking system in general [ 44 ] to prevent unexpected losses that banks may face. It turns out that the availability of large amounts of capital increases the risk absorption capacity of banks (Berger and Bouwman [ 14 ] and liquidity creation capability [ 22 ]. Thus, banks having a higher capital ratio may not necessarily need to mobilize more deposits, “the crowding out of deposits” [ 33 ]. Ünvan and Yakubu [ 63 ], Amene [ 4 ] and Turhani and Hoda [ 60 ] also revealed that capital adequacy affects bank deposits negatively. However, the study conducted by Tarekegn [ 57 ] established a positive relationship between capital adequacy and band deposit.

Capital adequacy has a significant negative effect on deposit mobilization.

Macroeconomic factors

Inflation is described as a general and sustained rise in prices of goods and services in the economy [ 57 ], and Usman and Adejare [ 64 ]. Inflation affects bank deposits in two ways. First, it reduces the purchasing power of money and thus leads to high living costs. This means that households can hardly buy with disposable income and therefore may have little or no deposit in a bank. Second, in situations where hyperinflation occurs, i.e., Cash or bank savings are worthless (Azolibe [ 11 ] because the purchasing power of money is so much less than the sudden and excessive runaway price increases in the economy. Therefore, people may choose to convert deposits and cash into storage commodities in anticipation of future price increases and the possibility that they will not be able to deposit money in banks. Namazi and Salehi [ 46 ] also argued that when the inflation rate increases, the actual yield rate of money and assets decreases,therefore, deposits are no longer attractive. The effect of inflation on deposits is significantly negative. Maturu [ 43 ], Abiodun, et al. [ 1 ], Orok et al. [ 48 ], Muluken [ 45 ], Larbi-Siaw and Lawer [ 40 ], and Ostadi and Sarlak [ 50 ] have also documented the negative effect of inflation on the commercial bank deposits. However, Thisaranga and Ariyasena [ 59 ], Ukinamemen [ 62 ] and Athukorala & Sen [ 6 ] revealed that the rate of inflation has a positive impact on saving.

Inflation has a significant negative effect on deposit mobilization.

Gross domestic product is the market value of all goods and services produced in a country over one year and are one of the primary indicators used to measure economic performance (Azolibe [ 11 ]. According to Stanford [ 56 ], changes in real GDP per capita over time are often understood as a measure of changes in the average standard of living. Logically, if households and firms desire to hold more money, deposits will increase. Thus, the relationship between income and deposits is positive, that is, as the income of the society increases, the commercial bank's deposits increase. Empirical studies conducted by Hassan [ 36 ], Adem [ 2 ], Mashamba et al. [ 42 ], and Stanford [ 56 ] also revealed that GDP has a positive influence on the volume of commercial bank deposit. Whereas Yakubu, and Abokor [ 70 ] and Bikker and Gerritsen [ 16 ] found a significant negative effect of GDP on bank deposits. Islam et al. [ 38 ] also documented that the GDP growth rate has a negative but insignificant effect on the bank's deposit growth rate.

GDP growth has a significant positive effect on deposit mobilization

Population growth

Acquiring deposits and advancing the credit objectives of banks cannot be attained without the good banking habits of the people (Varman [ 65 ]. Thus, the deposit amount depends on the number of deposit account holders. Hibret [ 37 ] also argued that population growth would mean an increase in the functional labor force that would attract investment, create wealth and positively affect overall economic growth, as a result, the deposit will grow because the more number populations tend to have more number of income generator and saver. Thus, Hibret [ 37 ] revealed that population growth had a positive and significant impact on deposits. Teshome [ 58 ] also found a positive relationship between population growth and bank deposit. However, Legass et al. [ 41 ] and Cincotta and Engelman [ 19 ] documented the negative effect of population growth on deposit growth as rapid population growth produces large proportions of children relative to the labor force, resulting in high costs and retard household savings.

Population growth has a significant positive effect on deposit mobilization.

Political stability

The country's economic, social and political factors may affect the propensity for depositors to place funds in the banking system, and banks' success in their operation mainly depends on the environment where the business is undertaken (Finger and Hesse [ 25 ]. Political stability encourages investment and promotes economic growth, thereby increasing the profitability of a business [ 55 ]. Political stability in democratic regimes is positively related to economic freedom indicators because greater economic freedom positively influences investment and economic growth [ 30 ]. However, conflicts and political instability can lead to a greater risk of systemic banking crisis and low bank deposits. [ 52 ] emphasized that conflicts weaken the performance of the financial sector and deteriorate banks’ ability to sustain financial intermediation role. Political instability could increase the volatility of bank deposits [ 7 ]. [ 32 ] found that the Syrian conflict deeply affected the banking sector by causing deposit and assets runs, and raising non-performing loan.

Political stability has a significant positive effect on deposit mobilization.

Conceptual framework

Conceptual framework helps to clearly identify the variables used in the study and shows how particular variables are connected with each other in the study. The conceptual framework presented both internal and external variables used in this study and the independent variable in Fig.  1 below.

Data and methodology

The purpose of this study was to investigate the factors that influence commercial bank deposit mobilization in Ethiopia. This study used a quantitative approach to determine the determinants that influence commercial bank deposit mobilization in light of the inquiry about the purpose, the theories developed, and the quantitative character of the data. This study used an explanatory research approach to investigate the cause and impact of links between bank deposit mobilization and their determining factors.

From the total population of 18 commercial banks in Ethiopia, 14 commercial banks with a long period of audited financial data from 2011 to 2020 are selected as a sample. The analysis relied on secondary data, which included the yearly financial reports, primarily balance sheets and income statements, of the commercial banks under consideration. The data was a balanced panel data set that captured both cross-sectional and time-series behaviors at the same time.

Methods of data analysis

The data was analyzed using both descriptive measurements and econometric instruments in the study. The preceding contains simple descriptive approaches such as mean, maximum, minimum, standard deviations, and others that enable a higher knowledge of the current situation and examine the data's common patterns.

The descriptive analysis was supported by the study's use of econometric models to determine cause and effect between the explanatory and dependent variables. The Fixed Effect Model was used in the study to identify determinants that have a significant influence on commercial bank deposit mobilization in Ethiopia.

Robustness tests examine how well the estimated effect of the baseline model holds up when the specification of other plausible alternative models is systematically changed. [ 47 ] define resilience as the degree to which an additional robustness test model that modifies the model specification logically supports the estimated effect of interest from the baseline model. The accuracy of all estimation techniques is dependent on certain assumptions [ 27 ]. Before fully accepting and interpreting our regression result, we attempt to verify the fulfilment of fundamental hypotheses such as no perfect collinearity (multicollinearity test), homoskedasticity (heteroskedasticity test), and model specification (Hausman test) in our manuscript. All of the preceding diagnostic tests demonstrate the reliability of our regression result.

Definition and measurements of variables

Dependent variable.

Deposit mobilization (Natural log of total deposit) was used as a dependent variable in this study. Deposit mobilization is one of the most important functions of the banking industry because it is a critical source of working capital for the bank, and the amount of deposits mobilized from the public through current, savings, fixed, and recurring accounts, as well as other specialized schemes, is critical to the bank's fruitful operation [ 66 ]. The government has also directed banks from time to time to make all possible efforts to mobilize new deposits, which can only speed up the pace of lending activities by banks from the surplus units to deficit units for the development of the economy [ 23 ]. In this study, logarithm of total deposit is used as a proxy for deposit mobilization and used by Firdawek [ 26 ] and Teshome [ 58 ]. It demonstrated the size of deposits obtained from the general population by banks.

Independent variables

The explanatory variables employed in this study to determine the deposit mobilization of Ethiopian commercial banks are bank-specific factors (such as profitability, liquidity, and capital adequacy ratio) and macroeconomics factors (such as inflation rate, GDP Growth, political stability and population growth) (Table 1 ). These variables are used in various combinations and have been identified as important factors in determining bank deposit mobilization in a variety of studies [ 70 , 11 , 18 , 57 , 68 , 71 ].

To determine the effect of explanatory variables on Commercial Bank deposit mobilization, the following econometric model was developed:

where DM is the Deposit Mobilization, LTD is the Liquidity, CA is the Capital Adequacy, ROA is the Return on Asset, GDP is the GDP growth and INF is the Inflation, PS is the Political Stability, and PG is the Population Growth and i is the i th Banks, t is the time, β 1 to β 7 are the coefficients for each explanatory variables in the model, ε it is the error term.

Result and discussion

Descriptive analysis.

The dependent variable is deposit mobilization measured by the Log of total deposits. According to Table 2 , the average value of log of deposit mobilization is 4.031, equal to 10,739.9 Ethiopian Birr, which is the average deposit mobilized by sampled commercial banks from the public during the study period. The maximum and minimum log of deposits mobilized during the study period were 5.855 (716,143.4 Ethiopian Birr) and 2.42 (263 Ethiopian Birr), respectively, with the standard deviation value of 0.598 in its natural logarithm implying that Commercial Banks in the sample varied in the amount of deposit mobilized during the study period.

Regarding explanatory variables, the average liquidity value was 0.620 with a minimum value of 0.142 and a maximum value of 1.029. A standard deviation of 0.112 indicated the existence of variation in the liquidity level of sampled commercial banks in Ethiopia. Profitability has an average value of 0.025 with a minimum value of  − 0.005 and maximum value of 0.052, and a standard deviation of 0.007, which indicates that there are banks that incurred negative returns from their investment in assets during the study period. The average value of capital adequacy is 0.2015 with a minimum value of 0.056 and maximum value of 0.9252, and a standard deviation of 0.1152, which indicates the presence of variation in the capital adequacy of sampled banks. Likewise, the average value of the GDP growth rate is 9.129, with a minimum value of 6.056 and a maximum value of 11.17 during the study period. The average inflation rate value was 14.791, with a minimum value of 6.628 and a maximum of 33.23 during the study period. Population growth has an average value of 2.758 with a minimum value of 2.579 and a maximum value of 2.879, which indicated that the country's average population growth was consistent during the study period. Finally, the average value of political stability is  − 1.464 with a minimum value of  − 1.679 and a maximum value of  − 1.279, which indicates the presence of political instability in the country.

Diagnostic tests

The results of the diagnostic tests performed to validate that the data satisfies the basic assumptions of the classical linear regression model are shown in this section.

Test for multicollinearity

The Variance Inflation Factor was used to test the multicollinearity assumption (VIF). The result shows that a VIF average of 1.80 indicates that there is no multicollinearity (Table 3 ).

Test for heteroskedasticity; var(ut) =  σ 2 < ∞

The result of the Breusch-Pagan / Cook-Weisberg test for heteroscedasticity revealed that the variance of residuals is homoscedastic, implying that there is no heteroscedasticity within the model, as the ( p -value = 0.1691) was greater than 0.05 (Table 4 ).

Model Specification test

The Hausman test was used in the study to select the most convenient estimating method (fixed or random effect). The fixed effect regression model is more appropriate for the study than the random effect model, according to the Hausman test, as the ( p -value = 0.0005) is less than 0.05 as of Table 5 .

Fixed effect model results

Table 6 shows the model results for identifying the factors of commercial banks' deposit mobilization in Ethiopia. The model’s variables explained almost 47.5% of the overall variation in deposit mobilization scores, indicating a reasonably good fit. This means that the factors in the model explained almost 47.5% of the overall variation in the bank's deposit mobilization.

According to the model results profitability has a positive and statistically significant impact on bank deposit mobilization, which demonstrated that by keeping other factors constant; an increase in banks profitability by one percent will increase the banks’ deposit mobilization by 7.078. The result is consistent with the earlier expectation that the higher profit is considered a positive flag or soundness of the bank, which could make it easier for banks to attract more deposits [ 25 ] and in line with the findings of Alemu 3 , Tarekegn [ 57 ], Getachew [ 31 ], Osei [ 49 ] and Erna and Ekki [ 24 ] found that bank's profitability has a positive effect on the growth of banks deposit.

The study results show that, bank liquidity measured by loan to deposit ratio has a negative and statistically significant impact on bank deposit mobilization. Keeping all other variables constant, a 1% increase in loan to deposit ratio reduces customer deposit by 0.369. Theoretically, the higher this ratio, the less liquid the bank is, resulting in a decline in client deposits due to the bank’s limited ability to reimburse depositors. The result confirms previous expectations that a high ratio puts the bank at high risk of not repaying deposit money to clients, and that depositors may perceive the bank as poorly managed and less secure to deposit with. The findings are consistent with those of Muluken [ 45 ], Amene [ 4 ], and Awole [ 8 ], who discovered a negative impact of bank liquidity on bank deposits, as opposed to those of Ünvan and Yakubu [ 63 ] and Turhani and Hoda [ 60 ], who found a positive relationship between bank liquidity and deposit.

The capital adequacy ratio has a negative and statistically significant impact on bank deposit mobilization, revealing that a rise in bank capital adequacy by one percent results in a 0.785 decrease in bank deposit mobilization when all other factors remain unchanged. The result is in line with the prior expectation that banks having a higher capital ratio may not necessarily mobilize more deposits, "the crowding out of deposits" [ 33 ], and consistent with the findings of Ünvan and Yakubu [ 63 ], Amene [ 4 ] and Turhani and Hoda [ 60 ] who revealed capital adequacy affects banks deposit negatively as an increase in bank capital adequacy may not necessarily translate into deposit growth. However, the result is against the findings of Tarekegn [ 57 ], who established a positive relationship between capital adequacy and bank deposit.

Regarding the macroeconomic variables inflation has a negative and statistically significant impact on bank deposits. This result is in line with previous expectations that when inflation rate increase, purchasing power of the money would decrease and a huge amount of money would be required to consume or to do a business which leads to a decrease in deposit mobilization. Higher inflation causes savers to save less as a result, deposits are no longer attractive and the impact of inflation on deposits is significantly negative [ 46 ]. The result is in line with the findings of Abiodun et al. [ 1 ], Maturu [ 43 ], Orok et al. [ 48 ], Larbi-Siaw and Lawer [ 40 ], and Ostadi and Sarlak [ 50 ] found a negative impact of inflation on the commercial bank deposits. However, it is against the findings of Thisaranga and Ariyasena [ 59 ], Ukinamemen [ 62 ], and Athukorala & Sen [ 6 ] who revealed positive impact of inflation on saving.

The model result appeared that GDP growth has a negative and statistically significant influence on bank deposit mobilization at a 5% level. The outcome showed that an increase in GDP leads to lower bank deposit mobilization, which was contrary to expectations. The result is supported by the findings of Yakubu and Abokor [ 70 ], Islam et al. [ 38 ], and Bikker and Gerritsen [ 16 ] found a negative effect of GDP on bank deposits. However, it is against the findings of Hassan [ 36 ], Adem [ 2 ], and Mashamba et al. [ 42 ] found that GDP has a positive influence on the volume of commercial bank deposits.

Population growth has a negative and statistically significant impact on bank deposit mobilization, demonstrating that an increase in population leads to a decrease deposit mobilization, contrary to what was previously expected. The result is consistent with the finding of Legass et al. [ 41 ] and Cincotta and Engelman [ 19 ] found a negative impact of population growth on deposit growth as rapid population growth produces large extents of children relative to the labor force which may result in high cost and impede family savings. However, the result is against the findings of Teshome [ 58 ] and Hibret [ 37 ] found a positive relationship between population growth and bank deposit.

At long last, contrary to the prior expectations, political stability has a negative and statistically significant impact on deposit mobilization. The findings demonstrated that political soundness had a detrimental effect on commercial banks' deposit mobilization in Ethiopia. It can be contended that under stable political conditions, investors favor spending their cash on other venture opportunities instead of keeping it in a bank, resulting in a decrease in bank deposit mobilization. The result is against the finding of [ 55 ], who documented that political stability promotes economic growth, thereby increasing profitability and their deposit.

Conclusion and recommendations

The banking sector is one of Ethiopia's fastest-growing industries, and it is critical to the country's economic development. Recognizing the fundamental factors influencing deposits is critical for banks in developing viable deposit mobilization policies and procedures. Based on a test of 14 commercial banks, this study inspected both firm-specific variables and macroeconomic variables affecting deposit mobilization in Ethiopia from 2011 to 2020.

The study's findings show that loan to deposit ratio, capital adequacy, economic growth, inflation, population growth, and political stability all had a negative and statistically significant impact on commercial banks’ deposit mobilization in Ethiopia over the study period. However, a bank's profitability has a positive and statistically significant impact on deposit growth, implying that the higher the profitability, the more deposits are mobilized.

The study provided the following operational and policy suggestions to improve commercial bank deposits based on the findings.

Banks should mobilize more deposits by managing their liquidity because a lack of liquidity can put an end to a bank's efforts to mobilize deposits and, in the worst-case scenario, cause it to collapse. As profitability has a positive and significant effect on deposit mobilization; the management ought to work to improve the bank's profitability by reducing costs and utilizing invested asset efficiently. The country has to ensure its political stability to increase the activities of commercial banks as well as to boost its deposit mobilization effort. Moreover, the government has to educate the citizens about family planning and saving to reduce the negative effect of larger family with poor saving habit on deposit mobilization.

The study is also recommended for further study: As the present study identifies only limited bank-specific and macroeconomic variables due to the data availability, there have to be further researches that include more bank-specific, regulatory, and macroeconomic and governance variables that affect the deposit growth of Ethiopian commercial banks. A study can be also carried out using other deposit measurement ratios such as deposit to total asset and bank deposit growth rate which are not considered in this study.

Availability of data and materials

The data will be made available upon request.

Abbreviations

Consumer price index

• Deposit mobilization

Gross domestic product

Loan to deposit

Not applicable

Return on asset

Variance inflation factor

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Banke, N.K., Yitayaw, M.K. Deposit mobilization and its determinants: evidence from commercial banks in Ethiopia. Futur Bus J 8 , 32 (2022). https://doi.org/10.1186/s43093-022-00144-6

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Sengupta, A., De, S. (2020). Review of Literature. In: Assessing Performance of Banks in India Fifty Years After Nationalization. India Studies in Business and Economics. Springer, Singapore. https://doi.org/10.1007/978-981-15-4435-4_3

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Dugo debesso, shashi kant.

The purpose of this study is to provide a conceptual framework and determine the factors influencing deposit mobilisation in Ethiopia’s commercial banks using the literature that is currently accessible. The bank’s yearly incremental deposit plan, which calls for the easy mobilisation of a sizable sum of money from the communities, is no longer the optimum method for undertaking deposit mobilisation. The literature relating to factors influencing deposit mobilisation at Ethiopia’s commercial banks is presented in this overview of the literature.  As a result, there are three sections to the literature review. The introduction linked to overviews of deposit mobilisation in Ethiopian commercial banks and factors affecting deposit mobilisation are covered in the first portion of the literature review. The second portion looks at empirical concerns regarding the factors influencing deposit mobilisation. The conceptual framework for deposit mobilisation is shown in the third section, followed by the literature gap of the evaluated literature. Researchers framed the conceptual framework for the research’s future course using the most recent available literature.

Author Biographies

MBA, Department of Management, College of Business & Economics, Bule Hora University,  Ethiopia

Assistant Professor, Department of Management, College of Business & Economics, Bule Hora University,  Ethiopia

Adula, M. ., & Kant, S. . (2022). Examining Entrepreneurship Significant Factors affecting the Performance of MSE’s in Ethiopia, Horn of Africa. International Journal of Law Policy and Governance, 1(1), 24–32. https://doi.org/10.54099/ijlpg.v1i1.282

Adula, M. ., Kant, S. ., & Birbirsa, Z. A. . (2023). Effects of Training on Organizational Performance in the Ethiopian Textile Industry: Interview based Investigation using MAXQDA. IRASD Journal of Management, 5(1), 08–19. https://doi.org/10.52131/jom.2023.0501.0103

Adula, M., & Kant, S. (2022). Interpretative Phenomenological Perceptional Study of Women Entrepreneurs Facing Challenges in Entrepreneurial Activity in the Horn of Africa . Journal of Entrepreneurship, Management, and Innovation, 4(2), 321 – 335. https://doi.org/10.52633/jemi.v4i2.154

Adula, M., Ayenew, Z., & Kant, S. (2023). HOW EMPLOYEE’S WORK ATTITUDE MEDIATE IN BETWEEN EMPLOYEE REWARD SYSTEM AND PERFORMANCE: IN CASE OF ETHIOPIAN TEXTILE AND CLOTH INDUSTRIES. Horn of African Journal of Business and Economics (HAJBE), 6(1), 71-94. https://journals.ju.edu.et/index.php/jbeco

Adula, M., Kant, S., & Ayenew Birbirsa, Z. (2023). Systematic Literature Review on Human Resource Management Effect on Organization Performance. Annals of Human Resource Management Research, 2(2), 131–146. https://doi.org/10.35912/ahrmr.v2i2.1418

Asefa K., & Kant S. (2022). Transactional Academic Leadership Effect on Employee’s Engagement: the Mediating Impact of Extrinsic Motivation. Partners Universal International Research Journal, 1(4), 54–62. https://doi.org/10.5281/zenodo.7422224

Berwal, P., Dhatterwal, J. S., Kaswan, K. S., & Kant, S. (2022). Computer Applications in Engineering and Management. CRC Press. https://doi.org/10.1201/9781003211938

Boson, L. T. ., Elemo, Z., Engida, A., & Kant, S. (2023). Assessment of Green Supply Chain Management Practices on Sustainable Business in Ethiopia . Logistic and Operation Management Research (LOMR), 2(1), 96–104. https://doi.org/10.31098/lomr.v2i1.1468

Bruce C. Cohen and George G. Kaufman (1965). Factors Determining Bank Deposit Growth by State: An Empirical Analysis, the Journal of Finance, Vol. 20, No. 1 (Mar., 1965), pp. 59-68.

Daniel C. Giedeman (2005). Branch Banking Restriction and Finance Constraints in Early 1965, Cambridge University Press, the Journal of Economics History, Vol. 1, PP 129-151.

Demirguc-Kunt, A., & Huizinga, H. (1999). Determinants of Commercial Bank Interest Margins and Profitability: Some Internationa Evidence. World Bank Economic Review, 13(2), 379-408.

Dereso, C.W., Kant, S., Muthuraman, M., Tufa, G. (2023). Effect of Point of Service on Health Department Student’s Creativity in Comprehensive Universities of Ethiopia: Moderating Role of Public-Private Partnership and Mediating Role of Work Place Learning. In: Jain, S., Groppe, S., Mihindukulasooriya, N. (eds) Proceedings of the International Health Informatics Conference. Lecture Notes in Electrical Engineering, vol 990. Springer, Singapore. https://doi.org/10.1007/978-981-19-9090-8_13

Eric K., Yao L., and Victor C. (2015). Determinants of Bank Deposits in Ghana: Does Interest Rate Liberalization Matters? Modern Economy, 2015, 6, 990-100

Eshetu Bekele & Mammo Muchie (2009). Promoting Micro Small & Medium Enterprises (MSMEs) for sustainable rural livelihood. Diiper Research Series, Factors determining commercial bank deposit Working Paper No.11, ISS 1902- 8679.

Fikadu, G., Kant, S., & Adula, M. (2023). Halal Entrepreneurialism effect on Halal Food Industry Future in Ethiopia: Mediation role of Risk Propensity and Self Efficacy. Journal of Halal Science, Industry, and Business, 1(1), 15–25. Retrieved from https://journals.researchsynergypress.com/index.php/jhasib/article/view/1541

Fikadu, G., Kebede, K., & Kant, S. (2023). Entrepreneurship Orientation to Nurture the Halal Food Industry Future in Ethiopia. Journal of Islamic Economic and Business Research, 3(1). https://doi.org/10.18196/jiebr.v3i1.99

Garuma .G & Kant S. (2023). Employee Engagement in Ethiopia as a Result of Corporate Ethos. Partners Universal International Research Journal, 2(2), 190–201. https://doi.org/10.5281/zenodo.8046313

Gobena, A. E., & Kant, S. (2022). Assessing the Effect of Endogenous Culture, Local Resources, Eco-Friendly Environment and Modern Strategy Development on Entrepreneurial Development. Journal of Entrepreneurship, Management, and Innovation, 4(1), 118-135. https://doi.org/10.52633/jemi.v4i1.153

Kant S. (2020). Critical Appraisal of Prevailing Marketing Mix: Applies Particularly to the Digital Marketing Metaphor, Journal of Marketing and Consumer Research, 71, 38-40. DOI: 10.7176/JMCR/71-06

Kant S., Belay B., & Dabaso A.. (2022). Coffee Logistics Operation Knowledge Effect on Cooperative Associations Functionalism in Ethiopia with Mediation of Cybernetics and Local People Knowledge Base. Journal of Production, Operations Management and Economics(JPOME) ISSN 2799-1008, 3(01), 21–33. https://doi.org/10.55529/jpome.31.21.33

Kant, S. (2020). A Comparative Analysis of Entrepreneurial Growth Expectations between India and Ethiopia. European Journal of Business and Management. 12 (24), 21-16, DOI: 10.7176/EJBM/12-24-04

Kant, S., & Asefa, K. . (2022). Transformational educational leadership effect on staff members engagement: the mediating impact of intrinsic motivation. International journal of business and management (ijbm), 1(2), 35–49. https://doi.org/10.56879/ijbm.v1i2.13

Kant, S., Adula, M.(2022). Promotion Mix Elements and Customer Buying Behavior in Education Sector of Ethiopia. European Journal of Business and Management, 14 (21); DOI: 10.7176/EJBM/14-21-03

Kant, S., Adula, M., Yadete, F. D., & Asefa, K. (2023). Entrepreneurial Innovation Mediating among Marketing Strategies and Venture Sustainability in Ethiopia’s. International Journal of Entrepreneurship, Business and Creative Economy, 3(2), 92–107. https://doi.org/10.31098/ijebce.v3i2.1062

Kant, S., Dejene F., & Garuma G. (2023). Is Marketing Strategies and Business Sustainability are mediated through Entrepreneurial Innovation in Ethiopia? . Journal of Social Sciences and Management Studies, 2(2), 13–22. https://doi.org/10.56556/jssms.v2i2.489

Kant, S., Zegeye, Z., & Tesfaye, T. (2022). Coffee Supply Operation Management Consequences on Cooperative Societies Functionalism in Ethiopia. Logistic and Operation Management Research (LOMR), 1(2), 40–51. https://doi.org/10.31098/lomr.v1i2.1056

Kebede K., Yadete F.D., & Shashi Kant. (2023). Is Paradigm Shift from Traditional Marketing Mix to Digital Marketing Mix Effects the Organizational Profitability in Ethiopia? A Multivariate Analysis. Partners Universal International Research Journal, 2(1), 122–134. https://doi.org/10.5281/zenodo.7772438

Mohammad, N., & Mahdi, S. (2010). The Role of Inflation in Financial Repression: Evidence From Iran World Applied Sciences Journal, 11. 653-661.

Mohammed Sayed, (2014). The Effect of Interest Rate, Inflation Rate and GDP on National savings Rate, Global Journal of Commerce and Management Perspective, ISSN:2319- 7285, Vol.3(3), 1-7

Ndichu, P. K., Ooko, M. E., & James, G. (2013). Factors Influencing Liquidity Level of Commercial Banks in Kisumu City. International Center for Business Research, Volume 2 – May 2013; Link: icbr.net/0205.66.

Negeri, D. D. ., Wakjira, G. G. ., & Kant, S. . (2023). Is Strategic Leadership having a mediating role in Ethiopia’s SMEs sector when it comes to Entrepreneurial Skill and Motivation? A Multivariate Investigation. IRASD Journal of Management, 5(2), 74–86. https://doi.org/10.52131/jom.2023.0502.0108

Panigrahi, A. K. Nayak, R. Paul, B. Sahu and S. Kant, “CTB-PKI: Clustering and Trust Enabled Blockchain Based PKI System for Efficient Communication in P2P Network,” in IEEE Access, vol. 10, pp. 124277-124290, 2022, doi: 10.1109/ACCESS.2022.3222807.

Shiferaw, Y., & Kant, S. (2023). Effect of Coffee Supply Organizational Culture on the Structuralism of Cooperative Societies in Ethiopia. Logistic and Operation Management Research (LOMR), 2(1), 14–24. https://doi.org/10.31098/lomr.v2i1.1203

Tufa G, & Kant S. (2023). Introductory Qualitative Research in Psychology by Carla Willig: A Book Review. Partners Universal International Innovation Journal, 1(2), 49–54. https://doi.org/10.5281/zenodo.7853394

Tufa G. & Kant, S. (2023). Human Resource Management Practices: Assessing Value Added: Book Review. Journal of Social Sciences and Management Studies, 2(1), 23–27. https://doi.org/10.56556/jssms.v2i1.450

Tufa G., & Kant S. (2023). Human Resource Management Practices: Assessing Added Value: A Book Review. Partners Universal International Research Journal, 2(1), 135–142. https://doi.org/10.5281/zenodo.7775351

Verbeek, JM (2004). A guide to modern econometrics, 2nd edn., John Wiley & Sons Ltd, Erasmus University Rotterdam.

Wakjira G.G & Dr. Kant S. (2022). Significance Of Market Orientation On Business Performance With Mediating Role of Employee And Customer Satisfaction In Ethiopia Banks. Partners Universal International Research Journal, 1(4), 118–125. https://doi.org/10.5281/zenodo.7495221

Wakjira G.G.; Kant S. (2023) Assessment of Challenges and Prospects of Local Milk Supply On Market Performance: A Case Of Ethiopia, Horn Of AfrICA. Jurnal Peternakan Sabana, [S.l.], 1 (2),102-109, oct. 2022. ISSN 2549-0001. https://doi.org/10.58300/jps.v1i2.281

Wakjira, G. G. ., & Kant, S. (2023). Significance of Market Orientation on Business Performance with Mediating Role of Employee and Customer Satisfaction in Ethiopia Banks. Journal of Entrepreneurship, Management, and Innovation, 5(1), 144 – 158. https://doi.org/10.52633/jemi.v5i1.246

Wakjira, G. G., & Kant, D. S. (2022). Job Review Enablers Effect on Engagement of Worker in Ethiopia: A Data Adequacy Approach. TRADITIONAL JOURNAL OF LAW AND SOCIAL SCIENCES, 1(02), 206 –. Retrieved from https://ojs.traditionaljournaloflaw.com/index.php/TJLSS/article/view/51

Williamson, JG (1968). Personal Saving in Developing Nations: An Intertemporal Cross‐ Section from Asia‟, Economic Record, vol. 44, no. 2, pp. 194-210.

Yadete F.D, & Kant S. (2023). Neuro-Marketing in Understanding Consumer Behavior: Systematic Literature Review. Partners Universal International Innovation Journal, 1(2), 105–116. https://doi.org/10.5281/zenodo.7856978

Yadete F.D., & Kant, S. (2023). Neuro-Marketing in Understanding Consumer Behavior: Systematic Literature Review. Journal of Social Sciences and Management Studies, 2(2), 1–12. https://doi.org/10.56556/jssms.v2i2.483

Yadete F.D., Kant S., & Kero C.A. (2023). Meta-Analysis of Marketing Innovation on Firm’s Performance of Small & Medium Enterprises With the Moderating Effect of Government Support Program: In Case of Selected Sub-cities of Addis Ababa, Ethiopia. Partners Universal International Innovation Journal, 1(2), 127–140. https://doi.org/10.5281/zenodo.7857128

Yadete, F. D. ., Kero, C. A. ., & Kant, S. . (2023). Market Innovation and Firm’s Performance: A Meta-Analysis of the Literature Reviewed. IRASD Journal of Management, 5(2), 106–115. https://doi.org/10.52131/jom.2023.0502.0111

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Central Bank Digital Currency: A Literature Review

Francesca Carapella and Jean Flemming

Technological advances in recent years have led to a growing number of fast, electronic means of payment available to consumers for everyday transactions, raising questions for policymakers about the role of the public sector in providing a digital payment instrument for the modern economy. From a theoretical standpoint, the introduction of a central bank digital currency (CBDC) raises long-standing questions relating to the provision of public and private money (Gurley and Shaw 1960), and the ability of the central bank to use CBDC as a means for transmitting monetary policy directly to households (Tobin 1985). The theoretical literature on CBDC to date relates to these questions by focusing on the effect of introducing a CBDC (i) on commercial banks, and (ii) on monetary policy and financial stability, and the resulting welfare implications. Policymakers have also taken a keen interest in these questions, among others (Bank for International Settlements 2018).

Broadly, the literature that studies CBDC considers it to be a means of payment that can pay interest and that does not necessarily need to be held in an account at a commercial bank. Though there is no universally agreed-upon definition of CBDC by policymakers or academics, thus far the literature has studied the implications of a central bank liability held directly by the public 1 . The models and assumptions in the literature so far provide streamlined frameworks to answer questions about the effects of CBDC at the micro- and macro-levels, while abstracting from many of the complex design issues of interest to policymakers. 2

CBDC's Effect on Commercial Banks

The first strand of the literature asks how CBDC will affect commercial banks. Fundamentally, CBDC can serve as an interest-bearing substitute to commercial bank deposits. Faced with such a substitute, commercial banks may respond by changing the deposit rates they offer to savers and, because of the resulting impact on banks' funding cost, the terms of the loans they offer to borrowers. As a result, both the quantity of bank deposits and the volume of bank-intermediated lending may change with the introduction of a CBDC. In this respect, this strand of the literature can speak to the concern of some policymakers that the introduction of CBDC may replace banks' main source of funding and cause disintermediation of commercial banks, which in turn may lead to a decrease in their lending.

Andolfatto (2018) studies these effects on a monopoly bank. In his paper, when the CBDC is interest-bearing, the bank, which makes positive profits in equilibrium, raises the equilibrium deposit rate to be equal to the interest rate on CBDC, thus making depositors indifferent. An important result is that because CBDC induces more favorable contractual terms for depositors, it increases the demand for deposits, both through an intensive margin (existing depositors are encouraged to save more) and an extensive margin (individuals who otherwise would choose to be unbanked are encouraged to pay the cost of accessing the banking sector). Hence, the competitive pressure exerted by CBDC could actually end up expanding banks' depositor base. It is, however, possible that CBDC remuneration erodes "banks' franchise value" (profits) but this does not necessarily result in higher loan rates. To this point, Andolfatto argues that as long as banks are able to borrow reserves from the central bank, which in any corridor system is done via the central bank's lending facility, disintermediation can be avoided as banks can still make loans. 3

Similar ideas to those in Andolfatto (2018) are further developed by Chiu et al. (2020), who also study the impact of CBDC on bank lending and model CBDC as an interest-bearing asset that competes with banks' deposits. The economic mechanism driving their baseline results is similar to that in Andolfatto (2018), as banks in their model are also imperfectly competitive. From a theoretical perspective, Chiu et al. (2020) go beyond Andolfatto (2018) in that they analyze the case where banks can hold CBDC to meet their reserve requirements and CBDC designs that consider policy tools different from fixing the rate of interest it pays. Calibrating their model to the US, Chiu et al. (2020) quantify the magnitude of the effect on lending from the introduction of a CBDC, finding it can increase by as much as 3.55% with a properly chosen remuneration rate. The specific change in lending depends on the region of the parameter space considered: if the interest rate on CBDC is below that on checkable deposits, there is no effect on banks' activities. If the interest rate on CBDC is higher than that on deposits, but not too high, then banks respond by increasing deposit rates and lending, as higher deposit rates result in a larger deposit base. If, however, the interest rate on CBDC is too high, banks scale down their deposits and loans.

Brunnermeier and Niepelt (2019) also consider CBDC as an asset with the same liquidity properties as bank deposits. As in Andolfatto (2018), assuming the central bank lends to commercial banks, the introduction of a CBDC need not affect the equilibrium allocation. They show that if households' deposits are exchanged for CBDC, then there is no effect on the equilibrium allocation as long as (i) deposit liabilities are replaced by central bank loans to commercial banks and (ii) there is no effect on the constraints faced by households or the wealth distribution across households. Intuitively, if CBDC does not affect households' payoffs nor relaxes or tightens the constraints they face, the portfolio choices of each household, and in turn the distribution of wealth across households, will be unaffected. From the perspective of private banks, the equilibrium is unaffected only if the level of liabilities is unchanged. Thus, the authors state that this could be achieved by "render[ing] the central bank's implicit lender-of-last-resort guarantee explicit."

Fernandez-Villaverde et al. (2020a) build a model of bank runs in the spirit of Diamond and Dybvig (1983) to derive a related equivalence result. The authors characterize conditions such that CBDC replaces banks' deposits entirely, and show that in normal times the set of allocations achieved under private bank deposits is the same as that achieved under CBDC. Differently, in times of bank runs, they show that if the central bank is able to commit not to liquidate its long-term assets, the presence of CBDC can decrease the likelihood of runs, leading all depositors to hold CBDC instead of deposits in equilibrium. Under the assumptions of their model, despite the elimination of commercial bank deposits, the presence of CBDC does not lead to a decrease in lending as the central bank is assumed to have (indirect) access to the same investment technology as commercial banks.

Keister and Sanches (2019) explore the trade-off introduced by a CBDC between reduced lending by commercial banks and increased trade in a model of decentralized exchange in the spirit of Lagos and Wright (2005). They show that if CBDC is widely accepted for transactions, buyers will hold more of it, increasing trade between buyers and sellers, leading to higher quantities exchanged, and in turn, higher consumption. At the same time, consumers' portfolio choice implies lower deposit balances and in turn lower lending by banks, reducing investment. If the consumption effect through increased acceptance is larger than the investment effect through decreased lending, the introduction of a CBDC will increase welfare.

CBDC's Effect on Monetary Policy and Financial Stability

The second strand of the literature asks what will be the effect of a CBDC on monetary policy and financial stability, and the resulting welfare implications. As a new form of central bank money, CBDC has the potential to affect central banks' wider policy objectives, either by acting as a new monetary policy tool or through its effects on the portfolio choices of households and the probability of bank runs. Crucial to these mechanisms is the flexibility provided by CBDC in responding to macroeconomic shocks.

Barrdear and Kumhof (2016) build a dynamic stochastic general equilibrium (DSGE) model with sticky prices and adjustment costs to study the long-run and cyclical effects of CBDC for the macroeconomy. Under the assumption that newly issued CBDC is exchanged one-for-one with government debt, they find that the introduction of CBDC decreases interest rates and distortionary taxes, thus increasing long-run GDP. Over the business cycle, counter-cyclical CBDC issuance can lead to a smaller fall in GDP in response to a liquidity demand shock. This shock leads to a flight to safety in which households demand more CBDC. If the central bank can increase the quantity of CBDC to satisfy this demand, the reduction in real economic activity is less severe, attenuating the decline in spending and therefore welfare.

Subsequent work by Fernandez-Villaverde et al. (2020b) considers a model of bank runs a la Diamond and Dybvig (1983) in which banks can offer nominal contracts. 4 In their paper, CBDC is modeled as deposits held at the central bank. Their framework highlights an important trade-off: if a run on CBDC occurs, the central bank internalizes the effect on prices, and thus real consumption, from liquidating its assets to pay depositors. By increasing the price level in the case of a run, the central bank can effectively reduce the real value of withdrawals, thus preventing bank runs from occurring. This increase in the price level, however, comes at the cost of sacrificing inflation targeting. Even if the central bank is mandated to maintain price stability, it cannot do so in the case of a large enough run. In this case, the authors show that there is a positive probability of runs, and that a negative interest rate on CBDC during financial panics is optimal to keep inflation in check.

Williamson (2019) studies the role of a CBDC not only as an interest-bearing asset, but also as a means of payment alternative to cash, which is subject to theft, and to bank deposits, which are subject to limited commitment of the bank to honor deposit repayment. When households endogenously select into banked (i.e. deposit users) and unbanked (i.e. cash users), the introduction of a CBDC, which pays interest and is assumed to be immune to theft, can be Pareto improving and always increases welfare of at least unbanked households. The economic mechanism driving the welfare implications focuses on the interaction between the new monetary policy tool introduced by an interest-bearing CBDC and banks' limited commitment. Because banks' assets serve as collateral to secure deposit liabilities and relax their commitment friction, collateral assets play a key role in limiting the amount of liquidity banks can offer households. Interest payments on CBDC which are financed by an open market purchase of government bonds effectively reduce the availability of collateral assets to banks, tightening their collateral constraint and reducing their ability to issue payment instruments in the form of deposits. Thus, despite increasing the welfare of unbanked households, who, by assumption, are no longer subject to theft, CBDC decreases the welfare of banked households unless they also choose to hold CBDC in their portfolios. With at least some households switching to CBDC, some of the transactions which were carried out with deposits and required banks to hold collateral are now carried out with CBDC. Banks' collateral assets are still available to issue deposits, hence, overall, the aggregate stock of collateral can support more transactions.

While also focusing on the liquidity properties of CBDC as a means of payment, Keister and Monnet (2020) study its effects on the set of feasible policies available to the government in periods of financial distress. If the financial conditions of banks are private information to each bank and its depositors, the introduction of a CBDC as an alternative means of payment to bank deposits but immune from the risk of bank runs (as the central bank does not perform maturity transformation) results in depositors withdrawing their funds from banks in times of stress and reallocating them into CBDC. By observing a large and sudden inflow of funds into its digital currency, the central bank can then infer the financial conditions of banks. This information might be crucial in designing an appropriate policy response in times of stress, the more so the faster a response is needed to be effective. By appropriately choosing the interest rate on CBDC to make it more attractive in times of stress, the central bank can more quickly infer the state of the financial system and respond more effectively. This allows the government to adopt policies that are welfare-improving over the best policies feasible without a CBDC.

Considerations for future research

As with any new literature, many questions remain. We believe the most crucial question is which intrinsic features of CBDC as a means of payment and a store of value are important for households' portfolio choices as to which monies to use. Indeed, empirical studies of consumer payment choice such as Koulayev et al. (2016) show that individuals' preferences across means of payment are heterogeneous and not fully explained by demographic characteristics such as income and age. In order to fully understand the macroeconomic and microeconomic effects of introducing a CBDC in a theoretical framework, it is imperative to first understand consumer payment choice as CBDC will, first and foremost, expand the set of payment and savings options available to households.

To understand how heterogeneity in consumers' choices across means of payment determines the adoption of CBDC, it is crucial to identify whether CBDC could be a substitute for physical currency, deposits, or both. Cash and deposits share several characteristics, such as (near) immediate settlement upon payment; however, they differ in the level of anonymity and privacy of transactions and the risks involved in holding each. Williamson (2019) highlights one such trade-off between cash and deposits: the risk that a bank absconds with deposits and the risk of theft for physical cash. Andolfatto (2018) considers a fixed cost of opening an interest-bearing deposit account, while the use of cash is free but pays no interest. Given these trade-offs, Andolfatto and Williamson, respectively, allow for heterogeneity in income or preferences as a driver of payment choice, leading to a share of the population to be unbanked, that is, to hold only cash. In these models, the introduction of a CBDC can lead to greater financial inclusion by making deposits, either at commercial banks or in CBDC, more attractive, lowering the share of unbanked. Chiu et al. (2020) and Keister and Sanches (2019) consider heterogeneity across sellers -- some accept only cash (say, for small purchases) while others accept only deposits (for larger purchases) -- leading buyers to hold different means of payment depending on which type of purchase they will make.

Avenues for future work include further exploring how the intrinsic features of CBDC as a means of payment and store of value affect the set of feasible allocations in the economy and, in turn, affect its value to heterogeneous households.

Adrian, T and T. Mancini Griffoli (2019). The Rise of Digital Money. FinTech Notes No. 19/001. International Monetary Fund.

Andolfatto, D. (2018). Assessing the impact of central bank digital currency on private banks. FRB St. Louis Working Paper (2018-25).

Bank for International Settlements (2018). Central bank digital currencies. Technical report, Committee on Payments and Market Infrastructures, Markets Committee.

Barrdear, J. and M. Kumhof (2016). The macroeconomics of central bank issued digital currencies. Staff Working Paper no. 605, Bank of England.

Brunnermeier, M. K. and D. Niepelt (2019). On the equivalence of private and public money. Journal of Monetary Economics 106, 27--41.

Chiu, J., M. Davoodalhosseini, J. Jiang, and Y. Zhu (2020). Bank market power and central bank digital currency: Theory and quantitative assessment. Bank of Canada Staff Working Paper (2010-20).

Diamond, D. W. and P. H. Dybvig (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91 (3), 401--419.

Fernandez-Villaverde, J., D. Sanches, L. Schilling, and H. Uhlig (2020a). Central bank digital currency: Central banking for all? Working Paper no. 26753, National Bureau of Economic Research.

Fernandez-Villaverde, J., D. Sanches, L. Schilling, and H. Uhlig (2020b). Central bank digital currency: When price and bank stability collide. Technical report.

Gurley, J. G. and E. S. Shaw (1960). Money in a Theory of Finance. Brookings Institution, Washington DC.

Keister, T. and C. Monnet (2020). Central bank digital currency: Stability and information. Working Paper.

Keister, T. and D. R. Sanches (2019). Should central banks issue digital currency? Technical report.

Koulayev, S., M. Rysman, S. Schuh, and J. Stavins (2016). Explaining adoption and use of payment instruments by us consumers. The RAND Journal of Economics 47 (2), 293--325.

Lagos, R. and R. Wright (2005). A unified framework for monetary theory and policy analysis. Journal of Political Economy 113 (3), 463--484.

Tobin, J. (1985). Financial innovation and deregulation in perspective. Bank of Japan Monetary and Economic Studies 3 (2), 19--29.

Williamson, S. (2019). Central bank digital currency: Welfare and policy implications. Technical report.

1. See Adrian and Mancini Griffoli (2019) for a description of an alternative design, the "synthetic CBDC". Return to text

2. These include, but are not limited to, the choice between token and account-based CBDCs, ledger design and access, programmability, privacy, and handling of offline transactions. Return to text

3. In monetary policy implementation frameworks based on a corridor system, the target for the short-term interest rate is typically set within the corridor established by the discount rate (or interest rate charged by the central bank's lending facility) as the ceiling and the interest rate on reserves deposited at the central bank as the floor (or interest rate paid by the central bank's deposit facility). Return to text

4. Nominal contracts are promises to pay a future amount that is not indexed to the price level. Return to text

Carapella, Francesca, and Jean Flemming (2020). "Central Bank Digital Currency: A Literature Review," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, November 09, 2020, https://doi.org/10.17016/2380-7172.2790.

Disclaimer: FEDS Notes are articles in which Board staff offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers and IFDP papers.

• Introduction
• Conclusions
• Article Information

In some articles, the number of cases and/or sample sizes might not coincide with those provided in the original study owing to the R package, which recalculates the percentage. We were interested in keeping the estimate provided; therefore, we modified numbers accordingly. A1 indicates the question “Have you experienced tinnitus?”; A2, “Have you experienced tinnitus for more than 5 minutes?”; A3, “Have you experienced tinnitus during the last months”?; A4, “During the last months, have you experienced tinnitus which lasts for more than 5 minutes?”; A5, assessment of tinnitus through a specific scale; A6, assessment of tinnitus via other tinnitus definitions; BG, Bulgaria; DE, Germany; ES, Spain; FR, France; GR, Greece; IE, Ireland; IT, Italy; LV, Latvia; PL, Polonia; PT, Portugal; RO, Romania; THI, Tinnitus Handicap Inventory; TQ, Tinnitus Questionnaire; and TSCHQ, Tinnitus Sample Case History Questionnaire.

a This study had 2 populations; the second population is indicated by “b.”

In some articles, the number of cases and/or sample sizes might not coincide with those provided in the original study owing to the R package, which recalculates the percentage. We were interested in keeping the estimate provided; therefore, we modified numbers accordingly. BG indicates Bulgaria; DE, Germany; ES, Spain; FR, France; GR, Greece; IE, Ireland; IT, Italy; LV, Latvia; PL, Polonia; PT, Portugal; RO, Romania; S1, “Are you bothered by your tinnitus?”; S2, “How much are you bothered by your tinnitus?”; S3, “Does your tinnitus interfere with sleep and concentration?”; S4, assessment of tinnitus severity through a specific scale; S5, assessment of tinnitus severity via other definitions of tinnitus severity; THI, Tinnitus Handicap Inventory; and TQ, Tinnitus Questionnaire.

eFigure 1. Flow Chart of the Present Systematic Review

eFigure 2. Forest Plot of Tinnitus Prevalence in Children and Adolescents, by Different Definition Classes of Any Tinnitus

eFigure 3. Forest Plot of Any Tinnitus Prevalence, by Age Group

eFigure 4. Funnel Plot for Publication Bias

eFigure 5. Forest Plot of Incidence Rate per 100,000 Person-Years of Any Tinnitus in Adults (Both Sexes)

eTable 1. Search String Used for the Umbrella and the Traditional Reviews

eTable 2. List of Articles Excluded and Reasons of Exclusion

eTable 3. List of and Reason for Exclusion of the 24 Eligible Studies Excluded From the Meta-analysis

eTable 4. Definitions of Any, Severe, Chronic, and Diagnosed Tinnitus Used in the Systematic Review

eTable 5. Characteristics of the 89 Studies Included in the Meta-analysis

eTable 6. Prevalence of Any Tinnitus and Severe Tinnitus per Continent and Globally

eReferences.

• Error in Open Access Status JAMA Neurology Correction February 1, 2023

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Jarach CM , Lugo A , Scala M, et al. Global Prevalence and Incidence of Tinnitus : A Systematic Review and Meta-analysis . JAMA Neurol. 2022;79(9):888–900. doi:10.1001/jamaneurol.2022.2189

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Global Prevalence and Incidence of Tinnitus : A Systematic Review and Meta-analysis

• 1 Department of Environmental Health Sciences, Istituto di Ricerche Farmacologiche Mario Negri IRCCS, Milan, Italy
• 2 GROW–School for Oncology and Developmental Biology, Department of Epidemiology, Maastricht University Medical Centre, Maastricht, the Netherlands
• 3 Care and Public Health Research Institute–School for Public Health and Primary Care, Department of Epidemiology, Maastricht University Medical Centre, Maastricht, the Netherlands
• 4 Laboratory of Experimental Audiology, Department of Physiology and Pharmacology, Karolinska Institutet, Stockholm, Sweden
• 5 National Institute for Health Research Nottingham Biomedical Research Centre, Nottingham University Hospitals National Health Service Trust, Nottingham, United Kingdom
• 6 Division of Clinical Neuroscience, Hearing Sciences, School of Medicine, University of Nottingham, Nottingham, United Kingdom
• 7 School of Medicine, University Vita-Salute San Raffaele, Milan, Italy
• 8 Department of Public Health, Experimental and Forensic Medicine, University of Pavia, Pavia, Italy
• 9 School of Medicine and Surgery, Department of Otorhinolaryngology, University of Milan–Bicocca, Milan, Italy
• 10 Department of Psychiatry and Psychotherapy, University Regensburg, Regensburg, Germany
• Correction Error in Open Access Status JAMA Neurology

Question   What is the global prevalence and incidence of tinnitus?

Findings   This systematic review and meta-analysis estimated that the annual incidence of tinnitus is approximately 1%, with 14% of adults experiencing any tinnitus and 2% experiencing a severe form of it. The prevalence of tinnitus did not differ by sex, but increased prevalence was associated with increasing age, with any tinnitus being present in 10% of young adults, 14% of middle-aged adults, and 24% of older adults.

Meaning   This study suggests that the global burden of tinnitus is large, similar to migraine and pain, and the lack of effective treatment options justifies a major investment in research in this area.

Importance   To date, no systematic review has taken a meta-analytic approach to estimating the prevalence and incidence of tinnitus in the general population.

Objective   To provide frequency estimates of tinnitus worldwide.

Data Sources   An umbrella review followed by a traditional systematic review was performed by searching PubMed-MEDLINE and Embase from inception through November 19, 2021.

Study Selection   Research data from the general population were selected, and studies based on patients or on subgroups of the population with selected lifestyle habits were excluded. No restrictions were applied according to date, age, sex, and country.

Data Extraction and Synthesis   Relevant extracted information included type of study, time and location, end point, population characteristics, and tinnitus definition. The study followed the Meta-analysis of Observational Studies in Epidemiology ( MOOSE ) reporting guideline.

Main Outcomes and Measures   Pooled prevalence estimates of any tinnitus, severe tinnitus, chronic tinnitus, and diagnosed tinnitus as well as incidence of tinnitus were obtained using random-effects meta-analytic models; heterogeneity between studies was controlled using the χ 2 test, and inconsistency was measured using the I 2 statistic.

Results   Among 767 publications, 113 eligible articles published between 1972 and 2021 were identified, and prevalence estimates from 83 articles and incidence estimates from 12 articles were extracted. The pooled prevalence of any tinnitus among adults was 14.4% (95% CI, 12.6%-16.5%) and ranged from 4.1% (95% CI, 3.7%-4.4%) to 37.2% (95% CI, 34.6%-39.9%). Prevalence estimates did not significantly differ by sex (14.1% [95% CI, 11.6%-17.0%] among male individuals; 13.1% [95% CI, 10.5%-16.2%] among female individuals), but increased prevalence was associated with age (9.7% [95% CI, 7.4%-12.5%] among adults aged 18-44 years; 13.7% [95% CI, 11.0%-17.0%] among those aged 45-64 years; and 23.6% [95% CI, 19.4%-28.5%] among those aged ≥65 years; P  < .001 among age groups). The pooled prevalence of severe tinnitus was 2.3% (95% CI, 1.7%-3.1%), ranging from 0.5% (95% CI, 0.3%-0.7%) to 12.6% (95% CI, 11.1%-14.1%). The pooled prevalence of chronic tinnitus was 9.8% (95% CI, 4.7%-19.3%) and the pooled prevalence of diagnosed tinnitus was 3.4% (95% CI, 2.1%-5.5%). The pooled incidence rate of any tinnitus was 1164 per 100 000 person-years (95% CI, 479-2828 per 100 000 person-years).

Conclusions and Relevance   Despite the substantial heterogeneity among studies, this comprehensive systematic review on the prevalence and incidence of tinnitus suggests that tinnitus affects more than 740 million adults globally and is perceived as a major problem by more than 120 million people, mostly aged 65 years or older. Health policy makers should consider the global burden of tinnitus, and greater effort should be devoted to boost research on tinnitus.

The term tinnitus comes from the Latin word tinnire , which means “to ring.” Individuals experiencing tinnitus report an unspecified acoustic sound like ringing, but also buzzing, clicking, pulsations, and other noises. 1 Tinnitus is considered a symptom of an underlying condition, rather than a disease, and it refers to the perception of sounds in the head or ears when no corresponding external sounds are present. 2 , 3 A severe form of tinnitus is associated with hearing loss, thus impairing quality of life. 4 , 5

Today there is no globally accepted categorization of tinnitus, although different attempts have been made. 6 Moreover, evidence on the frequency (ie, prevalence and incidence) of tinnitus among the general population is still scant. The difficulties in obtaining adequate data are due to the multifactorial etiology of tinnitus, its associated disorders, the various characteristics of the symptoms, and the subjective nature of any assessment of tinnitus. 7

The very few longitudinal studies on tinnitus hamper any accurate estimate of its incidence. Moreover, the prevalence of tinnitus, which is estimated as either point prevalence, period prevalence, or lifetime prevalence, 8 ranges widely, partly because of the lack of standardization in its assessment, illustrated in a systematic review in which McCormack et al 3 attempted to identify and collect data on the global prevalence of tinnitus.

Since that last review on the prevalence of tinnitus, the literature on tinnitus has increased by at least 30%. An update of the evidence, which also includes pediatric tinnitus, is now necessary. We conducted a systematic review to identify the relevant publications in the scientific literature on the frequency of tinnitus at a global level, using an original search method. 9

This systematic review and meta-analysis is based on 2 subsequent literature searches on the prevalence and incidence of tinnitus. The first search was an umbrella review: a systematic review to identify published meta-analyses, pooled analyses, and systematic reviews providing data on the prevalence or incidence of tinnitus. The second search was a traditional review of original publications: a systematic review of all original articles on the prevalence or incidence of tinnitus to update the results identified in the umbrella review. A review protocol was registered in advance on PROSPERO (registration number: CRD42021283684). The study followed the Meta-analysis of Observational Studies in Epidemiology ( MOOSE ) reporting guideline.

We conducted an umbrella review to systematically collect existing evidence on the prevalence and incidence of tinnitus. We searched in PubMed-MEDLINE and Embase for all systematic reviews or meta-analyses published from inception through November 19, 2021, that had the word tinnitus in the title (eTable 1 in the Supplement ). We retrieved 310 reviews from PubMed and 346 from Embase. After checking for duplicates using EndNote, version X7 (Clarivate), we excluded protocols, scoping reviews, case studies or animal model studies, and articles that were not in English. After applying our inclusion criteria (ie, reporting data on the prevalence or incidence of tinnitus), we excluded 369 reviews as not relevant, ending up with 15 publications. We added 1 study that we were aware of that followed our eligibility criteria but was not identified by our search string because it was not classified as a review. From each of these 16 relevant systematic reviews, we extracted the citations of all the original articles providing data on the prevalence and incidence of tinnitus, collecting 284 original studies in total.

We included only articles in English, based on samples representative of the general population, and with estimates specifically of tinnitus. Reports, letters to the editor, book chapters, conference proceedings, dissertations, and theses were not considered. We excluded studies based on patients or on subgroups of the population with selected lifestyle habits or other characteristics (eg, musicians or people regularly exposed to noise). No restrictions were applied regarding the date of publication, age, sex, and country. Two researchers (C.M.J. and M.S.) independently checked for eligibility. Any disagreement was resolved by discussion; in case of disagreement, a third reviewer (A.L.) helped to reach consensus. The umbrella review yielded 93 eligible original articles.

We then conducted a traditional review to check any relevant articles in the literature that might not have been identified through the umbrella review. We searched articles in PubMed-MEDLINE and Embase published from inception through November 19, 2021, using a string that included a combination of the words tinnitus , prevalence , and incidence in the title. From 245 publications, we checked for duplicates and retrieved 154 unique references. After excluding articles identified in the umbrella review (n = 45), other duplicates (n = 15), and noneligible articles (n = 78), we obtained 16 new records. To these, we added 2 other references retrieved from other sources that we knew followed our eligibility criteria. All the articles excluded from both the umbrella and the traditional review, as well as the reasons for exclusion, are listed in eTable 2 in the Supplement .

We used a standardized form in Excel 2016 (Microsoft Corp) to extract data from each article identified. Relevant information included first author, year of publication, journal, type of study, time and location, end point (prevalence and/or incidence), other information (country and sample size), population characteristics (sex and age group), and tinnitus definition. Data were blindly extracted by 2 independent reviewers (C.M.J. and M.S.). Any disagreement was resolved by discussion, or with the help of a third reviewer (A.L.). Each prevalence estimate was extracted and classified by age group: children (≥17 years), young adults (18-44 years), middle-aged adults (45-64 years), older adults (≥65 years), and all adults (≥18 years).

If, while extracting, we came across summary tables that gave additional relevant citations, these were evaluated using the same inclusion and exclusion criteria. This evaluation led to 2 additional eligible articles, yielding a final total of 113 eligible articles. Among these, 24 articles were not included in the extraction for meta-analysis because their results were already included in other more complete or more recent articles (eTable 3 in the Supplement ). We extracted prevalence or incidence estimates from 89 articles.

The pooled prevalence and incidence of any tinnitus and severe tinnitus were calculated overall for children, adolescents, and adults and separately by tinnitus definition (eTable 4 in the Supplement ). For any tinnitus in adults, we identified 6 possible classes of definitions (A1-A6), and for severe tinnitus, we identified 5 possible classes (S1-S5). For children and adolescents, classes either had the word tinnitus in the question asked (any tinnitus or severe tinnitus) or had a phrase, such as “noises in your ears” (any noises or severe noises). Other possible definitions were chronic tinnitus or diagnosed tinnitus.

Pooled estimates were obtained using random-effects meta-analytic models to take account of the heterogeneity of the estimates. Heterogeneity among studies was controlled using the χ 2 test, and inconsistency was measured using the I 2 statistic, which represents the proportion of total variation associated with between-study variance, with higher values denoting a greater degree of heterogeneity. Stratified analyses by selected individual-level characteristics (eg, sex and age) and country-specific characteristics (eg, continent, gross domestic product [GDP], and latitude of the main city) were performed to detect possible sources of heterogeneity. The quality of the studies was not assessed because it was beyond the scope of meta-analyses on disease frequency. Because most prevalence and incidence estimates were provided without 95% CIs, we recalculated all the 95% CIs from the raw data given in the original articles. All P values were from 2-sided tests and results were deemed statistically significant at P  < .05.

All statistical analyses were performed using the R Studio software, version 1.4.1717 (R Group for Statistical Computing), particularly the “meta” and “metaphor” packages. To assess publication bias, we examined the funnel plots visually and applied the Egger test for funnel plot asymmetry.

Among 767 publications (384 reviews, 284 identified original publications, 94 articles from the traditional review, and 5 articles known by the authors), 113 eligible articles published between 1972 and 2021 were identified. We extracted prevalence estimates from 83 articles and incidence estimates from 12 articles. eFigure 1 in the Supplement shows the flowchart of study selection. Details on country, age group, and tinnitus definition in the 89 eligible articles included in meta-analyses are summarized in eTable 5 in the Supplement .

The pooled prevalence estimate of any tinnitus among adults ( Figure 1 ) 4 , 7 , 10 - 49 was 14.4% (95% CI, 12.6%-16.5%; 55 studies; I 2  = 100%). Among all studies, the estimates ranged from 4.1% (95% CI, 3.7%-4.4%) to 37.2% (95% CI, 34.6%-39.9%). The prevalence of any tinnitus did not differ according to the definitions (test for subgroup differences, χ 2 5  = 8.60; P  = .13 among strata): the prevalence of those who were asked “Have you experienced tinnitus?” (A1) was 17.5% (95% CI, 14.0%-21.8%; 12 studies; I 2  = 100%); for those who were asked if they had experienced tinnitus “for more than 5 minutes?” (A2), it was 13.7% (95% CI, 10.7%-17.4%; 9 studies; I 2  = 100%); for those who were asked “Have you experienced tinnitus during the last months?” (A3), it was 14.2% (95% CI, 10.0%-19.8%; 7 studies; I 2  = 100%); for those who were asked “During the last months, have you experienced tinnitus which lasts for more than 5 minutes?” (A4), it was 16.0% (95% CI, 13.1%-19.4%; 18 studies; I 2  = 99%); for those assessing tinnitus through a specific scale (A5), it was 9.3% (95% CI, 3.2%-24.1%; 3 studies; I 2  = 100%); and for those who were asked about other tinnitus definitions (A6), it was 9.6% (95% CI, 6.3%-14.3%; 6 studies; I 2  = 100%).

The pooled prevalence of any tinnitus among children and adolescents (eFigure 2 in the Supplement ) was 13.6% (95% CI, 8.5%-21.0%; 27 studies; I 2  = 100%). Among all studies, this prevalence ranged from 0.7% (95% CI, 0.6%-0.8%) to 66.9% (95% CI, 62.6%-71.0%). The prevalence of any tinnitus among children and adolescents was heterogeneous in strata of tinnitus definition classes ( P  = .01 among strata); for those who were in a study in which the word “tinnitus” was not present in the question (any noises), the prevalence was 20.4% (95% CI, 14.4%-28.0%; 18 studies; I 2  = 99%), and for those who were in a study in which it was present (any tinnitus), it was 5.6% (95% CI, 2.0%-14.8%; 9 studies; I 2  = 100%).

The pooled prevalence of any tinnitus was 9.7% (95% CI, 7.4%-12.5%; 22 studies; I 2  = 100%) among young adults, 13.7% (95% CI, 11.0%-17.0%; 30 studies; I 2  = 100%) among middle-aged adults, and 23.6% (95% CI, 19.4%-28.5%; 31 studies; I 2  = 99%) among older adults (eFigure 3 in the Supplement ). For adults, the pooled prevalence for any tinnitus was 14.1% (95% CI, 11.6%-17.0%; 32 studies; I 2  = 100%) among male individuals and 13.1% (95% CI, 10.5%-16.2%; 30 studies; I 2  = 100%) among female individuals ( P  = .62 between strata; Table 1 ).

Any tinnitus in adults significantly differed by continents, ranging from 5.2% (95% CI, 4.7%-5.7%; 1 study) in Africa to 21.9% (95% CI, 20.2%-23.8%; 1 study) in South America ( P  < .001 among strata; Table 1 ). The presence of tinnitus did not differ among per-capita GDP tertiles (<$4100, 14.3% [95% CI, 11.2%-18.0%]; $4100-$5200, 13.8% [95% CI, 11.0%-17.1%]; and >$5200, 15.6% [95% CI, 12.3%-19.5%]; P  = .74 among strata), but it differed according to latitude of the main city (<40°, 15.0% [95% CI, 11.5%-19.4%]; 40°-51°, 11.7% [95% CI, 9.4%-14.5%]; and ≥52°, 17.0% [95% CI, 14.4%-19.9%]; P  = .03 among strata).

The pooled prevalence of severe tinnitus among adults was 2.3% (95% CI, 1.7%-3.1%; 34 studies; I 2  = 99%) ( Figure 2 ). 4 , 7 , 10 - 13 , 16 , 17 , 21 , 25 , 28 - 30 , 32 , 33 , 36 , 37 , 40 , 43 , 44 , 46 , 49 Among all studies, the pooled prevelance ranged from 0.5% (95% CI, 0.3%-0.7%) to 12.6% (95% CI, 11.1%-14.1%). Severity of tinnitus among adults differed with the tinnitus definition classes ( P  < .001 among strata). For those who were asked “Are you bothered by your tinnitus?” (S1), the pooled prevalence of severe tinnitus was 6.4% (95% CI, 4.2%-9.6%; 7 studies; I 2  = 100%); for those who were asked “How much are you bothered by your tinnitus?” (S2), it was 1.3% (95% CI, 1.1%-1.7%; 21 studies; I 2  = 93%); for those who were asked “Does your tinnitus interfere with sleep and concentration?” (S3), the only study identified a prevalence of 3.0% (95% CI, 2.5%-3.6%); for those asked about tinnitus severity assessed on a validated scale (S4), the pooled prevalence was 2.9% (95% CI, 0.9%-9.2%; 3 studies; I 2  = 99%); and for those asked about other tinnitus severity definitions (S5), it was 7.3% (95% CI, 5.4%-9.9%; 2 studies; I 2  = 100%).

The pooled prevalence of severe tinnitus among children and adolescents was 2.7% (95% CI, 0.8%-8.4%; 10 studies; I 2  = 99%) ( Table 2 ). The pooled prevalence of severe tinnitus was 0.4% (95% CI, 0.3%-0.7%; 2 studies; I 2  = 0%) for young adults, 2.7% (95% CI, 1.6%-4.7%; 3 studies; I 2  = 97%) for middle-aged adults, and 6.9% (95% CI, 2.6%-17.4%; 4 studies; I 2  = 99%) for the older adults. The pooled prevalence of severe tinnitus was 2.3% (95% CI, 1.1%-4.6%; 8 studies; I 2  = 100%) for male individuals and 2.7% (95% CI, 1.7%-4.3%; 7 studies; I 2  = 99%) for female individuals ( P  = .66 among strata).

Severity among adults significantly differed by continent, ranging from 0.8% (95% CI, 0.6%-1.0%; 1 study) in Africa to 3.3% (95% CI, 1.2%-8.8%; 4 studies; I 2  = 99%) in North America ( P  < .001 among strata) ( Table 2 ). The prevalence of severe tinnitus did not differ significantly by per capita GDP tertile (1.7% [95% CI, 1.1%-2.7%] for <$4100; 2.7% [95% CI, 1.6%-4.3%] for $4100-$5200; and 3.0% [95% CI, 1.5%-5.9%] for >$5200; P  = .29 among strata) or by latitude (2.6% [95% CI, 1.5%-4.6%] for <40°; 1.9% [95% CI, 1.1%-3.1%] for 40°-51°; and 2.4% [95% CI, 1.4%-4.0%] for ≥52°; P  = .65 among strata). Pooled prevalence estimates of any tinnitus and severe tinnitus per continent are listed in eTable 6 in the Supplement .

Converting our pooled prevalence estimates to absolute numbers, we found that there were 749 million adults (95% CI, 655-858 million adults) worldwide with any tinnitus and 120 million adults (95% CI, 88-177 million adults) with severe tinnitus. Using continent-specific estimates, we found that the resulting numbers would not change substantially (any tinnitus: 746 million people [95% CI, 537-1039 million people]; severe tinnitus: 140 million people [95% CI, 92-237 million people]).

A possible publication bias emerged for the prevalence of any tinnitus and for the prevalence of severe tinnitus ( P  < .001 for the Egger test; eFigure 4 in the Supplement ). For adults, the pooled prevalence of diagnosed tinnitus was 3.4% (95% CI, 2.1%-5.5%; 3 studies; I 2  = 99%), and the pooled prevalence of chronic tinnitus, defined as tinnitus occurring most or all of the time or persisting for months, was 9.8% (95% CI, 4.7%-19.3%; 3 studies; I 2  = 99%).

Of 89 studies, 12 provided information on incidence estimates ( Table 3 ). 14 , 15 , 23 , 46 , 50 - 57 These longitudinal studies came from 7 countries (ie, Australia, Germany, Sweden, Switzerland, Taiwan, UK, and US) and were published from 2002 to 2019. Annual incidence rates ranged substantially from 54 to 3914 per 100 000 person-years. The pooled annual incidence rate of any tinnitus, based on the crude estimate of the 6 studies among adults (with both sexes combined), is 1164 per 100 000 person-years (95% CI, 479-2828 per 100 000 person-years) (eFigure 5 in the Supplement ).

To our knowledge, this systematic review provides the most comprehensive and up-to-date evidence on the prevalence and incidence of tinnitus worldwide among adults and children or adolescents, summarizing estimates from 89 original studies. For the first time, we provide pooled estimates of tinnitus; based on our data, approximately 14% of the world population have experienced tinnitus, and more than 2% have severe tinnitus. The prevalence of tinnitus is similar for both sexes, and increases in prevalence are associated with increasing age. Heterogeneous estimates have been reported by the few studies that provide data on the incidence of tinnitus. The pooled annual incidence rate approaches 1%.

The various cross-sectional studies providing data on the frequency of tinnitus used a wide variety of assessment methods. 3 , 58 , 59 We therefore classified the questions about any tinnitus into 6 groups and about severe tinnitus into 5 groups. Despite the substantial heterogeneity of estimates in the classes of any tinnitus, we did not find statistically significant differences in its prevalence across classes. This finding suggests that, at least for any tinnitus, not all the variability is explained by different definitions, and other factors might explain the prevalence of any tinnitus better at the population level.

Concomitantly, our findings suggest that data on tinnitus among children or adolescents are more prone to different interpretations of the question used to assess tinnitus. One possible reason could be that children are more frequently asked about tinnitus without specifically mentioning the name of the symptom. Other researchers have suggested that children might report the presence of noise to please the interviewers. 60 Despite the increasing number of studies on the subject, tinnitus remains an unrecognized problem that is inadequately assessed in the pediatric population. 61

We found differences in terms of any tinnitus and severe tinnitus in association with age, confirming the increasing prevalence of the symptom with age. 7 , 10 , 11 In particular, whereas the prevalence of any tinnitus among older adults was close to 2.5 times higher than among young adults, the prevalence of severe tinnitus among older adults was almost 20 times higher than among young adults. This finding suggests that tinnitus is a particular disorder of older people. 8

The literature is not unanimous about whether there is any association between sex and tinnitus. McCormack and colleagues 3 generally reported a higher prevalence of any tinnitus among men than women, whereas Biswas and colleagues 12 found a higher prevalence of bothersome tinnitus among women than men. The latter is consistent with previous findings of an association between severe tinnitus and suicidal attempts among women but not among men. 4 In our comprehensive review, pooling findings from a vast scientific literature, we did not find any significant difference according to sex for either any tinnitus or severe tinnitus.

As previously noted, 8 information is scant on the differences in tinnitus prevalence among countries, and we were only partially able to fill the gap. In fact, Africa, Oceania, and South America are not well represented. We found only 2 studies on the prevalence of any tinnitus and 2 studies on the prevalence of severe tinnitus from Africa and South America combined, covering more than 1.7 billion people. This finding may, to some extent, be due to the fact that, by protocol, we did not include articles that were not in English. Pooled estimates for any tinnitus from the other continents were somehow similar—between 13% and 15%—whereas differences were larger for pooled estimates for severe tinnitus—between 1.8% and 3.3%.

In addition to country-specific population characteristics, including lifestyle and dietary habits, 7 mental health conditions, 1 or ethnicity, 13 variations in the prevalence of tinnitus between countries and continents could be explained by different exposures and etiologies. Recently, it has been evidenced by means of genetic epidemiology studies 50 , 62 - 64 and genomic studies 65 , 66 that tinnitus is hereditary. Although common variants have been associated with broad tinnitus definitions, such as “any” tinnitus, it appears that rare variants are more associated with severe tinnitus. 65 , 66 Thus, differences in population genetics could be associated with the large discrepancies in the prevalence of severe tinnitus, as for instance in South America. However, more efforts are needed to investigate the association of genetics with any tinnitus or severe tinnitus across different countries and continents. In a European survey, Biswas et al 12 found that the prevalence of tinnitus was greater in countries from the eastern European region than in western Europe, with Bulgaria reaching a prevalence for any tinnitus of 28.3% and Romania with a prevalence for severe tinnitus peaking at 4.2%. This finding is consistent with a greater prevalence of hearing loss among individuals in these countries, according to the Global Burden of Disease study. 67 It is possible that less active work-related preventive measures against occupational noise exposure or limited access to rehabilitation for hearing loss by means of hearing aids may cause such disparities across Europe. In contrast, the low frequency of acoustic neuromas and head injuries and traumas among individuals with tinnitus is unlikely to explain such variety across countries and continents. 68 - 70 Other risk factors could also underlie such differences in prevalence. However, only a handful of case-control and longitudinal studies have investigated the potential causal relationship to tinnitus, most of which focus on hearing-related conditions. 14 , 15 Thus, a comprehensive picture of the association of nonauditory etiologies with any tinnitus or severe tinnitus is required.

Our results do indicate that differences arise when using multiple definitions to assess tinnitus. For future research, therefore, we recommend using a standardized questionnaire for assessing the prevalence of tinnitus, to make better comparisons between different surveys, identifying more solid estimates of tinnitus in various countries worldwide. We acknowledge, however, that no single question can address the multidimensional properties of tinnitus that are critical for its assessment (duration [acute or chronic], temporality [intermittent or constant], and severity [negligible or impactful]). Thus, our suggestion is to systematically use the questions given by a consortium of experts available in multiple languages. 58

For children specifically, a large difference was clear between questionnaires that mentioned the term tinnitus and those that did not; we conclude that future surveys addressing children and adolescents must state clearly the name of the disorder in their questions—with an explanation—as the high prevalence of tinnitus might be a result of the participants not recognizing the extraordinary nature of the symptom being investigated.

An association has been hypothesized between socioeconomic status and tinnitus. 16 , 54 Although with all the limitations of an ecological analysis, 71 , 72 we found no association between per-capita GDP and tinnitus prevalence.

Tinnitus has been reported to have a seasonal pattern, where it is worse in the winter than in the summer. 73 Thus, the hours of sunlight per day or certain temperatures might be associated with the onset or severity of tinnitus. Countries with their main city at an intermediate latitude (40°-51°) had the lowest prevalence and the lowest severity of tinnitus. Future analytical studies should investigate this issue in more detail.

In this meta-analysis, we defined as eligible only studies based on samples representative of the general population, excluding subgroups of the population exposed to selected risk factors, such as veterans and musicians. In these 2 particular populations, the prevalence of tinnitus was reported with a point estimate of 31% among veterans 74 and 26% among musicians, 75 much higher than among the general adult population. These 2 subpopulations might therefore be targeted for specific interventions to prevent or limit exposure to noise and, consequently, to reduce tinnitus and other hearing conditions.

There is a paucity of articles on the incidence of tinnitus: of 113 eligible articles, only 12 provided data on the incidence of tinnitus, although many cohorts were available with tinnitus assessed at follow-up. The incidence rates differed by up to 2 orders of magnitude in various studies. Although estimates stratified by sex are frequently provided, information is limited on incident cases by age group.

This study has some limitations, including the classification of tinnitus into 6 groups of questions for any tinnitus (A1-A6) and 5 groups for severe tinnitus (S1-S5). Although inspired by the 8 different categories for tinnitus identified by McCormack et al, 3 our classification has not been validated and is therefore subject to the interpretation of the researchers who used it. Moreover, we cannot exclude a possible publication bias regarding the prevalence of both any tinnitus and severe tinnitus.

The strengths of the study include the original method used to identify relevant articles, which involves an umbrella review as well as a traditional review. 9 This method has already been shown to be both effective and efficient in the identification of relevant articles in other recent systematic reviews. 76 - 78 Thus, we were able to include almost twice the number of articles included in the most comprehensive review of the literature published before the present one, 3 including, in our opinion, at least 11 articles that could have been retrieved by McCormack and colleagues 3 but were not in that review. Thus, to our knowledge, this is the most comprehensive review conducted to date because it considers a larger publication period (between 1972 and 2021) and is not limited to adults but also includes children and adolescents.

To our knowledge, this is the first meta-analysis on the frequency of tinnitus. Generalizing our estimates to the whole global population, one can infer that more than 740 million people experience tinnitus and more than 120 million people worldwide have a severe form of tinnitus. Such estimates place tinnitus at an order of magnitude similar to the leading causes of years lived with disability, namely, hearing loss, followed by migraine, low back pain, and neck pain. 67 Health authorities and research institutions, such as the Global Burden of Disease, should consider this prevalence and play a leading role in funding, ultimately to boost research on tinnitus and improve the care and the lives of patients with tinnitus.

Accepted for Publication: June 13, 2022.

Published Online: August 8, 2022. doi:10.1001/jamaneurol.2022.2189

Correction: This article was corrected on November 7, 2022, to update to CC-BY open access status.

Open Access: This is an open access article distributed under the terms of the CC-BY License . © 2022 Jarach CM et al. JAMA Neurology .

Corresponding Author: Silvano Gallus, PhD, Department of Environmental Health Sciences, Istituto di Ricerche Farmacologiche Mario Negri IRCCS, Via Mario Negri 2, 20156 Milan, Italy ( [email protected] ).

Author Contributions: Ms Jarach and Dr Galllus had full access to all of the data in the study and take responsibility for the integrity of the data and the accuracy of the data analysis.

Concept and design: Jarach, Lugo, Cederroth, Odone, Garavello, Schlee, Gallus.

Acquisition, analysis, or interpretation of data: Jarach, Scala, van den Brandt, Odone, Schlee, Langguth, Gallus.

Drafting of the manuscript: Jarach, Scala, Schlee, Gallus.

Critical revision of the manuscript for important intellectual content: Jarach, Lugo, van den Brandt, Cederroth, Odone, Garavello, Schlee, Langguth, Gallus.

Statistical analysis: Jarach, Scala.

Obtained funding: Cederroth, Schlee, Gallus.

Supervision: van den Brandt, Odone, Garavello, Schlee, Gallus.

Conflict of Interest Disclosures: Dr Cederroth reported being a member of the British Tinnitus Association’s Professional Advisers’ Committee and the American Tinnitus Association’s Scientific Advisory Board. Dr Schlee reported receiving grants from the European Union’s Horizon 2020 Research and Innovation Programme grant agreement during the conduct of the study. Dr Langguth reported receiving grants from European Union Unification of Treatments and Interventions for Tinnitus Patients during the conduct of the study; receiving personal fees from Neuromod and Schwabe outside the submitted work; and serving as chair of the Tinnitus Research Initiative, a nonprofit organization. No other disclosures were reported.

Funding/Support: The work of Drs Lugo, Langguth, and Gallus and Mr Scala, is partially supported by Unification of Treatments and Interventions for Tinnitus Patients–UNITI project, which has received funding from the European Union's Horizon 2020 Research and Innovation Programme (grant agreement 848261). The work of Ms Jarach and Drs Cederroth and Gallus is partially supported by Tinnitus Genetic and Environmental Risks–TIGER project, which has received funding from the European Union’s Horizon 2020 Research and Innovation Programme (grant agreement GNP-182). The study is also supported by AIT ONLUS Associazione Italiana Tinnitus.

Role of the Funder/Sponsor: The funders had no role in the design and conduct of the study; collection, management, analysis, and interpretation of the data; preparation, review, or approval of the manuscript; and decision to submit the manuscript for publication.

Additional Information: Data and R scripts that support the findings of this study and materials are available from the corresponding author on request.

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A systematic literature review and bibliometric analysis of semantic segmentation models in land cover mapping.

1. Introduction

2. materials and methods, 2.1. research questions (rqs).

• RQ1. What are the emerging patterns in land cover mapping?
• RQ2. What are the domain studies of semantic segmentation models in land cover mapping?
• RQ3. What are the data used in semantic segmentation models for land cover mapping?
• RQ4. What are the architecture and performances of semantic segmentation methodologies used in land cover mapping?

2.2. Search Strategy

2.3. study selection criteria, 2.4. eligibility and data analysis, 2.5. data synthesis, 3. results and discussion, 3.1. rq1. what are the emerging patterns in land cover mapping.

• Annual distribution of research studies
• Leading Journals
• Geographic distribution of studies
• Leading Themes and Timelines

3.2. RQ2. What Are Domain Studies of Semantic Segmentation Models in Land Cover Mapping?

• Land Cover Studies
• Precision Agriculture
• Environment
• Coastal Areas

3.3. RQ3. What Are the Data Used in Semantic Segmentation Models for Land Cover Mapping?

• Study Locations
• Data Sources
• Benchmark datasets

3.4. RQ4. What Are the Architecture and Performances of Semantic Segmentation Methodologies Used in Land Cover Mapping?

• Encoder-Decoder based structure
• Transformer-based structure
• Hybrid-based structure
• Performance analysis of semantic segmentation model structures on ISPRS 2-D labelling Potsdam and Vaihingen datasets
• Common experimental training settings

4. Challenges, Future Insights and Directions

4.1. land cover mapping.

• Extracting boundary information
• Generating Precise Land Cover Maps

4.2. Semantic Segmentation Methodologies

• Enhancing deep learning model performance
• Analysis of RS images
• Unlabeled and Imbalance RS data

5. Conclusions

Author contributions, data availability statement, acknowledgments, conflicts of interest, abbreviations.

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Ajibola, S.; Cabral, P. A Systematic Literature Review and Bibliometric Analysis of Semantic Segmentation Models in Land Cover Mapping. Remote Sens. 2024 , 16 , 2222. https://doi.org/10.3390/rs16122222

Ajibola S, Cabral P. A Systematic Literature Review and Bibliometric Analysis of Semantic Segmentation Models in Land Cover Mapping. Remote Sensing . 2024; 16(12):2222. https://doi.org/10.3390/rs16122222

Ajibola, Segun, and Pedro Cabral. 2024. "A Systematic Literature Review and Bibliometric Analysis of Semantic Segmentation Models in Land Cover Mapping" Remote Sensing 16, no. 12: 2222. https://doi.org/10.3390/rs16122222

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Our application review process is, in too many cases, taking way too long, and the problem has worsened noticeably in the past couple years.  From 2013 to 2021, there was not a single year in which 10 or more merger and deposit insurance applications (“Covered Applications”) reached final action more than nine months after receipt.  Since then, we’ve hit double digits every year: 12 in 2022, 16 in 2023, and, in 2024, we are already at 11, with 10 more currently pending and more likely on the way. 

The FDIC has previously demonstrated an ability to process large merger applications on a relatively faster timeline. For example, the FDIC approved two mergers in 2019 and 2021 that resulted in institutions with more than $100 billion in assets, and each took less than nine months.  Since 2022, by contrast, the FDIC has approved three mergers resulting in institutions with between $10 billion in assets and approximately $50 billion in assets that have taken more than a year.  1

A long application review process is costly in a variety of ways.  In the case of mergers, it adds uncertainty for employees and customers, it makes post-merger integration more challenging, and it can be dangerous if one of the merging entities is in a vulnerable condition. 

The Board proposal today would require staff to brief the full Board any time a merger or deposit insurance application is outstanding for more than nine months,  2  and provide quarterly follow-up briefings so long as the application remains outstanding.  The briefings would be required to include detailed timelines of the steps taken to process the application, as well as expected timeframes for steps that still needed to be taken. 

The purpose of this requirement is, in part, to give the Board more regular and rigorous insight into the review process, but more fundamentally it is intended to motivate faster processing of applications. 270 days is an extremely long time; we need to find ways to move faster.

This paragraph does not include merger applications involving failed bank acquisitions, internal reorganizations, or institutions acquiring much smaller institutions.

The initial set of briefings would occur at the first regular Board meeting 90 days after adoption of the resolution, to allow time to process some of the pending applications before the briefing requirement is triggered.