Template-Type: ReDIF-Article 1.0
Author-Name: Abhinav Singh
Author-X-Name-First: Abhinav
Author-X-Name-Last: Singh
Title: Empirical study of velocity of money in India - trends and its implications
Abstract:
In this paper, empirical study of quarterly velocity of money for the Indian economy was carried out for the period spanning from 2004 to 2014. The study establishes that the velocity of money is highly predictable and is dependent on certain macro-economic factors such as interest rates, cash-deposit ratio and GDP. We found a stable velocity trend which affirms the indirect transmission of money in the economy. These findings are significant as money stocks growth projection is an important intermediate goal for Reserve Bank of India to effectively implement the framework of flexible inflation targeting. In this paper, we have also studied the behaviour of cash-deposit ratio and found that it follows a random-walk model.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 175-188
Issue: 2
Volume: 18
Year: 2023
Keywords: velocity of money; cash-deposit ratio; transmission of money; seasonality; cyclicity; trends; random walk model; flexible inflation targeting; India.
File-URL: http://www.inderscience.com/link.php?id=135520
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:2:p:175-188
Template-Type: ReDIF-Article 1.0
Author-Name: Moid U. Ahmad
Author-X-Name-First: Moid U.
Author-X-Name-Last: Ahmad
Author-Name: Talla M. Al-Deehani
Author-X-Name-First: Talla M.
Author-X-Name-Last: Al-Deehani
Title: A study of sovereign risk and debt defaults: evidence from Asian economies
Abstract:
Sovereign defaults are becoming increasingly common, raising questions about fiscal management and debt management by governments across the globe. This paper attempts to investigate country defaults in countries across Asia based on the level of their debt against income. A total of nine variables for 34 countries, across Asia, were studied for the time period 2015-2017, where binary and multinomial logistic regression was used as a primary technique of analysis. Exploratory factor analysis for data reduction and qualitative analysis is also done in the study. Out of total 34 sample countries, 14 (41%) were found to default based on 2017 data of Debt/GDP ratio. One of the significant findings was that Debt/GDP ratio is negatively correlated with GDP growth rate and that country debt defaults can be explained by two factors: savings and growth. The study is expected to provide inputs to policymakers, managers and bankers for effective distress and debt default management at country level.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 117-129
Issue: 2
Volume: 18
Year: 2023
Keywords: country risk; debt default; logistic regression; macro-economy; Asia.
File-URL: http://www.inderscience.com/link.php?id=135521
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:2:p:117-129
Template-Type: ReDIF-Article 1.0
Author-Name: Guillermo Benavides
Author-X-Name-First: Guillermo
Author-X-Name-Last: Benavides
Title: Business cycle variability in Mexico: an empirical analysis from 1980-2017
Abstract:
The present paper analyses the properties of business cycles dynamics in Mexico from 1980 to 2017. Firstly, there is an examination of whether there have been significant changes in their properties over time. In doing so, the standard methodology about filtering time series for the analysis of business cycles facts are applied. Secondly, standard structural break tests are carried out in order to detect changes in the dynamics of the data. The results show that the volatility of consumption is greater than that of output and net exports and real interest rates are strongly countercyclical. These findings also show a statistically significant decrease in the volatility of the cyclical components of several aggregate variables around the mid-1990s. Important and significant decreases are also observed in nominal variables like inflation and interest rates. These breaks coincide to some known events of economic policy changes in Mexico and may suggest a period of 'Great Moderation' in that country.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 130-158
Issue: 2
Volume: 18
Year: 2023
Keywords: emerging economies; filtering statistical methods; Mexico; real business cycles; RBCs; structural breaks; stylised facts.
File-URL: http://www.inderscience.com/link.php?id=135522
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:2:p:130-158
Template-Type: ReDIF-Article 1.0
Author-Name: Alma Mačiulytė-Šniukienė
Author-X-Name-First: Alma
Author-X-Name-Last: Mačiulytė-Šniukienė
Author-Name: Kristina Matuzevičiūtė
Author-X-Name-First: Kristina
Author-X-Name-Last: Matuzevičiūtė
Author-Name: Dovilė Ruplienė
Author-X-Name-First: Dovilė
Author-X-Name-Last: Ruplienė
Title: Decomposition of the effects of ageing population and migration on labour force
Abstract:
Ageing is a long-term trend in Europe that started a few decades ago; it causes a number of economic and social problems. The paper aims to evaluate the effects of population ageing and migration on the changes of population and labour force (LF) size as well as the structure of the EU member states, using the decomposition method. We identified how the LF has changed due to the changes of the LF activity level and population volume and then we decomposed influence via demographic changes and migration. The analysis revealed that LF increased in 13 analysed countries over the period 2013-2017, with significant increases in Germany, Italy, Hungary, Sweden and France. Migration compensated the negative demographic effect on the LF in Germany, Sweden and Denmark. However, migration negatively influenced LF in eight countries, mostly in Spain and Poland, since the net migration was negative. Nevertheless, promoting immigration could help prevent LF shortage issue as well as population ageing.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 159-174
Issue: 2
Volume: 18
Year: 2023
Keywords: ageing population; labour market; labour force; activity rate; migration; decomposition.
File-URL: http://www.inderscience.com/link.php?id=135523
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:2:p:159-174
Template-Type: ReDIF-Article 1.0
Author-Name: Richard Pospíšil
Author-X-Name-First: Richard
Author-X-Name-Last: Pospíšil
Author-Name: Ondřej Kročil
Author-X-Name-First: Ondřej
Author-X-Name-Last: Kročil
Author-Name: Tomáš Sadílek
Author-X-Name-First: Tomáš
Author-X-Name-Last: Sadílek
Title: Determinants of young generation retirement planning behaviour - the case of Czechia
Abstract:
The topic of retirement planning behaviour has been discussed in a large number of scientific articles in recent years. The main aim of this paper is to examine the relationship among retirement planning intention, knowledge of pension system, perceived importance of pension situation, year of study, gender, university type, and risk-taking behaviour among Czech university students. Data were collected from 570 university students from two Czech universities with different study programs. Binary logistic stepwise regression was employed to test the hypotheses. On the one hand, the findings show that male Czech students have more positive attitudes towards risk than female Czech students when we talk about the selection of financial products for their retirement securing. On the other hand, our findings are not in line with the results of other studies on the influence of knowledge of the pension system and the perceived importance of the pension situation. We found out that the relationship between these variables and retirement planning intention is very specific in the case of Czech university students because it shows negative dependence.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 219-234
Issue: 2
Volume: 18
Year: 2023
Keywords: pension system; retirement planning; risk-taking behaviour; RTB; university students; Czechia.
File-URL: http://www.inderscience.com/link.php?id=135524
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:2:p:219-234
Template-Type: ReDIF-Article 1.0
Author-Name: Suhal Kusairi
Author-X-Name-First: Suhal
Author-X-Name-Last: Kusairi
Author-Name: Nur Azura Sanusi
Author-X-Name-First: Nur Azura
Author-X-Name-Last: Sanusi
Author-Name: Ali Muktiyanto
Author-X-Name-First: Ali
Author-X-Name-Last: Muktiyanto
Title: The tremendous household debt in Asia Pacific countries: is it determined by financial development?
Abstract:
Since the early twentieth century, the tremendous increase in household debt has motivated researchers to find the determinant factors of this phenomenon. The paper uses data from Asia Pacific countries and dynamic heterogeneous panel method analysis to determine factors of household debt. The results find that financial development and financial institution access have a long-run positive relationship, stable and convergent with household debt. This implies that as the financial system developed, as evidenced by easy access to financial institutions, it provided some attractive financial instruments and financial markets became liquid. As a result, household debt increased due to easier access to financing and credit options that matched people's needs. However, in the short run, financial development and financial institution access do not strongly affect household debt of countries overall. Also, the real interest rate and housing price have a positive impact, and stock capital accumulation and household consumption harm household debt in the long run. Therefore, supervision of the volatility of household debt and financial development are important for sustainable economic growth.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 1-15
Issue: 1
Volume: 17
Year: 2023
Keywords: household debt; financial development; financial institutions; financial market access; housing price.
File-URL: http://www.inderscience.com/link.php?id=128382
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:1-15
Template-Type: ReDIF-Article 1.0
Author-Name: Chuah Seong Jin
Author-X-Name-First: Chuah Seong
Author-X-Name-Last: Jin
Author-Name: Norashidah Mohamed Nor
Author-X-Name-First: Norashidah Mohamed
Author-X-Name-Last: Nor
Author-Name: Zaiton Samdin
Author-X-Name-First: Zaiton
Author-X-Name-Last: Samdin
Author-Name: Emilia Zainal Abidin
Author-X-Name-First: Emilia Zainal
Author-X-Name-Last: Abidin
Title: The mean willingness-to-pay for smoking cessation treatment in Malaysia
Abstract:
This research aims to estimate the mean willingness-to-pay (WTP) for smoking cessation treatment among smokers in Malaysia. We analysed individual smoker's WTP based on questionnaires distributed to current smokers above 18 years of age. The mean WTP was measured using the contingent valuation method incorporating double-bounded questions and logistic regression analysis. The mean WTP (weekly) for the three proposed therapies, namely: nicotine patches, bupropion and varenicline were RM41.21, RM28.78 and RM35.74, respectively, and these values were 67.03%, 28.05%, and 45.01% lower than the current market prices for the treatments, respectively. Therefore, this study indicates that a subsidy for smoking cessation treatments is necessary and that the awareness of the available smoking cessation treatments could be raised, to increase the quit rate from smoking.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 88-99
Issue: 1
Volume: 17
Year: 2023
Keywords: willingness-to-pay; WTP; smoking cessation treatment; contingent valuation method; CVM; logistic regression; double-bounded; nicotine patch; bupropion; varenicline; therapy; tobacco; Malaysia.
File-URL: http://www.inderscience.com/link.php?id=128383
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:88-99
Template-Type: ReDIF-Article 1.0
Author-Name: Selena Begović
Author-X-Name-First: Selena
Author-X-Name-Last: Begović
Author-Name: Nick Adnett
Author-X-Name-First: Nick
Author-X-Name-Last: Adnett
Author-Name: Geoff Pugh
Author-X-Name-First: Geoff
Author-X-Name-Last: Pugh
Title: The effect of a currency board arrangement on subjective assessments of a country's economic performance
Abstract:
We present a novel approach to evaluating the effect of a monetary exchange rate regime on economic performance, focusing on countries with a currency board arrangement (CBA). This approach is designed to evaluate the impact of the regime on the perceptions and expectations of a population. We utilise seemingly unrelated regressions to analyse data from large-sample surveys conducted by the Austrian National Bank over the period 2007-2016 in ten European transition economies. The analysis indicates that the probability of the economic situation in a country being perceived as good by its citizens is lower in countries with a currency board arrangement. However, this negative effect almost disappears among respondents who do not trust their government and when there is a significant recession in the country. These findings suggest that a CBA should be maintained for its stabilising effects: 1) when the economic situation is unfavourable, although it might not be beneficial once the situation is stabilised; 2) in countries with low levels of trust in government.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 16-47
Issue: 1
Volume: 17
Year: 2023
Keywords: currency board arrangement; CBA; perceptions; expectations; European transition countries.
File-URL: http://www.inderscience.com/link.php?id=128384
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:16-47
Template-Type: ReDIF-Article 1.0
Author-Name: Hussain Tahir
Author-X-Name-First: Hussain
Author-X-Name-Last: Tahir
Author-Name: Sarfraz Hussain
Author-X-Name-First: Sarfraz
Author-X-Name-Last: Hussain
Author-Name: Mahfuzur Rahman
Author-X-Name-First: Mahfuzur
Author-X-Name-Last: Rahman
Author-Name: Ridzuan Masri
Author-X-Name-First: Ridzuan
Author-X-Name-Last: Masri
Title: Board attributes and dividend payout policy: pre- and post-MCCG 2012 Malaysian
Abstract:
This study examines the effectiveness of board attributes in compelling dividend payout policy after the amended Malaysian Code of Corporate Governance (MCCG) in 2012, among registered non-financial companies of Bursa Malaysia. A difference-in-difference two-tailed t-test is used to examine dividend payout pre- and post-MCCG 2012 using data from a sample of 203 Bursa Malaysia listed non-financial firms for the periods 2005 to 2011 and 2012 to 2018. This study examines the influence of board attributes on dividend payout pre- and post-MCCG 2012. This paper is among the first empirical studies that evaluate the effectiveness of board attributes in mitigating the conflict in the announced dividend between the pre- and post-reviewed MCCG. The empirical results show that board attributes are a significant and effective factor in stabilising the dividend payout policy after the modification of MCCG in 2012. The findings called for further investigation into the roles of board attributes in justifying the dividend payout policy. The research paper can assist the security exchange commission in creating ways to protect investors. This study can also assist in attracting potential new investors to Bursa Malaysia by smoothing MCCG future policies.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 48-63
Issue: 1
Volume: 17
Year: 2023
Keywords: board attributes; dividend payout; board tenure; Malaysian Code of Corporate Governance; MCCG.
File-URL: http://www.inderscience.com/link.php?id=128385
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:48-63
Template-Type: ReDIF-Article 1.0
Author-Name: Onyinye I. Anthony-Orji
Author-X-Name-First: Onyinye I.
Author-X-Name-Last: Anthony-Orji
Author-Name: Anthony Orji
Author-X-Name-First: Anthony
Author-X-Name-Last: Orji
Author-Name: Jonathan E. Ogbuabor
Author-X-Name-First: Jonathan E.
Author-X-Name-Last: Ogbuabor
Author-Name: Lucy C. Uka
Author-X-Name-First: Lucy C.
Author-X-Name-Last: Uka
Title: Money matters a lot: empirical analysis of financial development, financial inclusion and economic growth in Nigeria
Abstract:
One of the core macroeconomic goals in every economy is the pursuit of growth which relies on an economy's ability to accelerate the accumulation rates of financial, human and physical capital, and effectively enable the access of the entire population to these assets. This study therefore, analysed the impact of financial development and financial inclusion on economic growth in Nigeria from 1981-2019. Adopting the classical linear regression modelling technique, the results showed that financial development and financial inclusion have significant positive impact on economic growth in Nigeria. The study therefore recommended that government should make policies that would enable financial intermediaries mobilise funds more efficiently and also make these funds accessible and affordable to individuals (even at the lowest segments of the society), businesses, as well as other productive sectors of the economy. This is how financial development and financial inclusion will continue to enhance growth in Nigeria.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 100-117
Issue: 1
Volume: 17
Year: 2023
Keywords: money; financial development; financial inclusion; economic growth; Nigeria.
File-URL: http://www.inderscience.com/link.php?id=128386
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:100-117
Template-Type: ReDIF-Article 1.0
Author-Name: Soňa Kleštincová
Author-X-Name-First: Soňa
Author-X-Name-Last: Kleštincová
Author-Name: Jana Kubicová
Author-X-Name-First: Jana
Author-X-Name-Last: Kubicová
Title: The impact of selected elements of the business environment on employment and production of companies in the EU - a comparison of companies controlled by domestic and foreign persons
Abstract:
Previous studies focused on identifying key dimensions of the business environment that affect FDI, at the same time, there is a deficiency of literature that would examine how the business environment affects indicators such as employment and production. This research looks for the business environment dimensions that most frequently influence the distinct types of business activities. By using a cross-sectional regression analysis, we examined how the number of jobs, the turnover of companies and the volume of production were shaped by the business environment of selected countries. Key findings reveal that the business environment affects employment areas more than production. The greatest impact on production and employment stems from paying taxes, getting electricity, resolving insolvency, and enforcing contracts. These findings can help in the future policymaking process.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 118-138
Issue: 1
Volume: 17
Year: 2023
Keywords: business environment; competitiveness; foreign control of enterprises.
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:118-138
Template-Type: ReDIF-Article 1.0
Author-Name: Adriana Grigorescu
Author-X-Name-First: Adriana
Author-X-Name-Last: Grigorescu
Author-Name: Mirela Panait
Author-X-Name-First: Mirela
Author-X-Name-Last: Panait
Author-Name: Valentina Vasile
Author-X-Name-First: Valentina
Author-X-Name-Last: Vasile
Author-Name: Maria Palazzo
Author-X-Name-First: Maria
Author-X-Name-Last: Palazzo
Title: Behaviour of financial consumers in banking market: a central and eastern European perspective regarding gender gap
Abstract:
The international financial crisis has demonstrated the fragility of the international system, the weak supervision of markets by public authorities and, the precarious position of consumers in the face of large transnational giants that dominate the banking markets. The crisis highlighted the vulnerability of the financial consumers, unethical behaviour of financial institutions, but even so the corporate social responsibility practice seems to be accepted by the banking system. This shows that customers, nowadays, have to pay huge attention in understanding if financial institutions are really following ethical strategies or if they are just interested in promoting themselves using the sustainability as a window dressing approach. The aim of the research is the analysis of individual's adaptation to prolonged crisis situations specific to countries, with a precarious financial education of the population and the gender gap in terms of the degree of financial inclusion for specific indicators.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 82-101
Issue: 1
Volume: 18
Year: 2023
Keywords: financial consumers; financial inclusion; financial education; gender gap.
File-URL: http://www.inderscience.com/link.php?id=134793
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:1:p:82-101
Template-Type: ReDIF-Article 1.0
Author-Name: Van Duong Ha
Author-X-Name-First: Van Duong
Author-X-Name-Last: Ha
Title: Reciprocity between financial leverage and productivity of cooperative credit institutions: evidence from Vietnam
Abstract:
Cooperative credit institutions (CCIs) are increasingly accessing financial resources to finance the lending operations and improve their productivity. This study's purpose is to discover the factors' impact on the financial leverage and productivity of CCIs in Vietnam. After regression analysis on a set of panel data from 2013 to 2018 of 32 selected CCIs in Vietnam, it appeared that the depth of outreach, productivity and return on equity had positive relationships with financial leverage, while the age of CCIs, credit size, equity growth ratio and return on assets had negative relationships with financial leverage. The deposit, equity growth rate, financial leverage and return on assets had positive relationships with productivity. The depth of outreach, loan-to-deposit ratio, return on equity and non-performing loan ratio had negative relationships with productivity. The study found the interactive relationship between financial leverage and productivity. This study helps managers understand the key determinants for better management of CCIs.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 64-87
Issue: 1
Volume: 17
Year: 2023
Keywords: cooperative credit institutions; CCIs; credit size; deposit; financial leverage; non-performing loan; productivity; return on assets; return on equity; Vietnam.
File-URL: http://www.inderscience.com/link.php?id=128393
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:64-87
Template-Type: ReDIF-Article 1.0
Author-Name: Ade Imam Muslim
Author-X-Name-First: Ade Imam
Author-X-Name-Last: Muslim
Author-Name: Doddy Setiawan
Author-X-Name-First: Doddy
Author-X-Name-Last: Setiawan
Title: The effect of accounting conservatism on the cost of equity capital: evidence from Indonesia
Abstract:
Our study aims to investigate the effect of accounting conservatism on the cost of equity capital. We also extended our tests to see to what extent information asymmetry influencing these two variables. To test our proposed hypothesis, we used a sample of 200 companies listed on the Indonesia Stock Exchange for the 2016-2018 period and 600 firm year observations. With the moderate regression analysis (MRA) method and panel data regression, we provide evidence that information asymmetry is related to accounting conservatism and cost of equity capital, as well as having a role in influencing accounting conservatism and cost of equity capital. We also found that accounting conservatism could reduce the cost of equity capital. Our study is expected to make a contribution to academics, investors, managers, and regulators. Furthermore, this study is expected to fill the debate of financial accounting practices in developing countries.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 40-56
Issue: 1
Volume: 18
Year: 2023
Keywords: accounting conservatism; information asymmetry; cost of equity capital; Indonesia; panel data; moderate regression analysis; MRA; Estrada; CAPM; spread; agency theory.
File-URL: http://www.inderscience.com/link.php?id=134795
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:1:p:40-56
Template-Type: ReDIF-Article 1.0
Author-Name: Valentina Teslenko
Author-X-Name-First: Valentina
Author-X-Name-Last: Teslenko
Author-Name: Galina Volkova
Author-X-Name-First: Galina
Author-X-Name-Last: Volkova
Author-Name: Damien Bazin
Author-X-Name-First: Damien
Author-X-Name-Last: Bazin
Title: What factors affect scientists' innovation activity? Evidence from Russia
Abstract:
The paper aims to identify the individual characteristics of Russian scientists that have a positive impact on innovation activity. Using the 'Monitoring Survey of Highly Qualified R&D Personnel' (2016 data collection round), the paper found that factors such as gender, age, labour mobility, and professional collaboration have an impact on scientists' innovation activity. The empirical analysis revealed that individual qualities, such as the ability to find practical application of the results, to choose and use best practices, equipment, and tools, to respond quickly to changes, and to easily adapt to new conditions, have a positive effect on the innovative activity of scientists. The paper concludes that publications in refereed foreign journals have no direct impact on the innovative activity of scientists.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 189-218
Issue: 2
Volume: 18
Year: 2023
Keywords: human capital; knowledge economy; scientist's innovative activity; Russia.
File-URL: http://www.inderscience.com/link.php?id=135567
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:2:p:189-218
Template-Type: ReDIF-Article 1.0
Author-Name: Sukhmani Kaur
Author-X-Name-First: Sukhmani
Author-X-Name-Last: Kaur
Author-Name: Shalini Aggarwal
Author-X-Name-First: Shalini
Author-X-Name-Last: Aggarwal
Author-Name: Vikas Garg
Author-X-Name-First: Vikas
Author-X-Name-Last: Garg
Title: A study of macroeconomic effects on the growth of BRICS: a systematic review
Abstract:
The purpose of this paper is to synthesise the existing literature on study of macroeconomic variables on the economic growth of BRICS countries in a systematic manner, where GDP has been proxied as measure of economic growth; to study the macroeconomic variables affecting the stock market of BRICS nations through content analysis. Systematic literature review (SLR) has been carried out in line with the five-step process as formulated by Rowley and Slack (2004). The paper has largely contributed in terms of naming the major causative authors, some of the high-ranking journals, types of data and nation-wise input for the macroeconomic variables and growth of BRICS countries. Further, the results also highlighted the experiential in nature of these studies. Further, the study addressed the prevailing gaps that confine the influence of macroeconomic variables and restrict the growth of BRICS countries. Hence the literature is accordingly proposing directions for future research.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 57-81
Issue: 1
Volume: 18
Year: 2023
Keywords: BRICS; macroeconomic variables; GDP; systematic review.
File-URL: http://www.inderscience.com/link.php?id=134805
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:1:p:57-81
Template-Type: ReDIF-Article 1.0
Author-Name: Dhina Mustika Sari
Author-X-Name-First: Dhina Mustika
Author-X-Name-Last: Sari
Author-Name: Lilik Purwanti
Author-X-Name-First: Lilik
Author-X-Name-Last: Purwanti
Title: Integrated perspective of corporate social responsibility on ASEAN Capital Market Forum members corporate governance code
Abstract:
The integration of CSR with CG is generally seen in the regulation of the CSR implementation mechanism in CGC. However, not all codes regulate this and differ in the level of regulation and discussion. The purpose of this study is to review the integration of CSR on CGC by revealing its convergence in six codes of ASEAN Capital Market Forum members, i.e., Indonesia, Malaysia, Singapore, the Philippines, Thailand and Vietnam. The analysis was conducted using content analysis and described in a modified cube-shaped indicator of CSR in CGC. Various results were found, which the Philippines have the best integration level of CSR to CGC because it guides CSR in its principle/chapter of code. Moreover, it has high specificity in recommendations and guidelines related to CSR, explicitly stating that CSR implementation is mandatory. A regular review of CGC is required to update the issue and necessity frequently, including CSR integration.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 23-39
Issue: 1
Volume: 18
Year: 2023
Keywords: corporate social responsibility; CSR; corporate governance; modified cube-shaped of CSR.
File-URL: http://www.inderscience.com/link.php?id=134807
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:1:p:23-39
Template-Type: ReDIF-Article 1.0
Author-Name: Güneş Topçu
Author-X-Name-First: Güneş
Author-X-Name-Last: Topçu
Title: Economic uncertainty and working capital management: evidence from Turkey
Abstract:
The purpose of this paper is to examine the impact of economic uncertainty on the working capital management (WCM) of 96 Borsa Istanbul (BIST)-listed manufacturing firms from 2005Q1 to 2020Q4. A novel economic policy uncertainty (EPU) index for Turkey was used to measure economic uncertainty, and the cash conversion cycle (CCC) was used to measure WCM. Panel data were analysed, and the parameters of regression equations were estimated using fixed or random effects methods. The empirical results obtained indicate that EPU has a negative impact on working capital (WC) efficiency. Specifically, EPU has a significant and increasing impact on the CCC and its components, and the decrease in WC efficiency is demand related. To enhance WC efficiency, managers should maintain credit facilities, better manage the demand side, extend supplier payments, insure credits and reduce accumulated debts.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 4-22
Issue: 1
Volume: 18
Year: 2023
Keywords: working capital; economic policy; uncertainty; efficiency; Turkey; liquidity; panel data.
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:1:p:4-22
Template-Type: ReDIF-Article 1.0
Author-Name: Laura Marcela Gaviria-Yepes
Author-X-Name-First: Laura Marcela
Author-X-Name-Last: Gaviria-Yepes
Author-Name: Alejandro Valencia-Arias
Author-X-Name-First: Alejandro
Author-X-Name-Last: Valencia-Arias
Author-Name: Edwin Mauricio Hincapié-Montoya
Author-X-Name-First: Edwin Mauricio
Author-X-Name-Last: Hincapié-Montoya
Title: Design-proposal of a conceptual model of intellectual property management and technology transfer in the context of higher education in Latin America
Abstract:
Higher education institutions (HEIs) have as their objectives teaching and research, the latter being a relevant factor for the generation of knowledge and technologies that can have practical use at an industrial and social level. However, not all the products generated have practical application or it is not known how to create the partnerships or the means for them to contribute in industrial or social contexts. The objective of this work is to propose a conceptual model of intellectual property management and technology transfer in the context of higher education to provide improvement actions in academia; the case of Instituto Tecnológico Metropolitano is taken as a reference where a diagnosis is made in the area in charge of intellectual property and technology transfer. The model also has strategies for the short, medium and long term that allow to understand its structure. It is concluded that, although it is a model created so that it can be adapted to any type of institution considering its policies and realities, it is necessary to have the support of government, industry and society to achieve a complete articulation and generate better results for these organisations.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 102-116
Issue: 1
Volume: 18
Year: 2023
Keywords: intellectual property management; IPM; technology transfer; conceptual model; higher education institutions; HEIs; emerging market.
File-URL: http://www.inderscience.com/link.php?id=134813
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Handle: RePEc:ids:ijepee:v:18:y:2023:i:1:p:102-116
Template-Type: ReDIF-Article 1.0
Author-Name: Souvik Dasgupta
Author-X-Name-First: Souvik
Author-X-Name-Last: Dasgupta
Author-Name: Amit Kundu
Author-X-Name-First: Amit
Author-X-Name-Last: Kundu
Title: Financial sustainability of a health micro-insurance scheme: a theoretical investigation
Abstract:
The article attempts to outline a business model of a for-profit insurance firm initiating a health micro-insurance (MHI) scheme and investigates whether it can sustain financially in that endeavour. We show that when a firm cannot observe and monitor the effort taken by beneficiaries in prevention, the presence of a nodal agency (any voluntary local organisation like NGO) is very crucial in maintaining the financial sustainability of the scheme. If the individual claims are independent and identically distributed, under certain conditions the level of expected claims is decreasing in NGO's effort level. The firm can set a lower risk-loading with the higher monitoring effort of the NGO.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 490-504
Issue: 4
Volume: 17
Year: 2023
Keywords: micro-insurance of health; moral hazard; nodal agency; risk loading; financial sustainability; monitoring; compensation.
File-URL: http://www.inderscience.com/link.php?id=132531
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:490-504
Template-Type: ReDIF-Article 1.0
Author-Name: Muchlis Yahya
Author-X-Name-First: Muchlis
Author-X-Name-Last: Yahya
Author-Name: Agus Eko Sujianto
Author-X-Name-First: Agus Eko
Author-X-Name-Last: Sujianto
Author-Name: Edy Yusuf Agunggunanto
Author-X-Name-First: Edy Yusuf
Author-X-Name-Last: Agunggunanto
Author-Name: Johan Arifin
Author-X-Name-First: Johan
Author-X-Name-Last: Arifin
Author-Name: Syaparudin
Author-X-Name-First:
Author-X-Name-Last: Syaparudin
Title: The powerlessness of mudharabah instrument in Indonesian Islamic banking
Abstract:
The objective of this study is to analyse the powerlessness of profit sharing payment with the <i>mudharabah</i> instrument in Indonesian Islamic banking. The factors that could affect the powerlessness are inflation, interest rate, <i>mudharib</i> bankrupt potency (NPF), operational costs, and workload with fixed payment. Using time series data that consist of 60 months from 2014 to 2018, this study shows that the spirit of implementing <i>mudharabah</i> contract from the side of financing was excessive as indicated by the constant value 47.750. In the process, it is loosened due to inflation, interest rate, <i>mudharib</i> bankrupt potency (NPF), operational cost and workload with fixed payment model. In the future, it is necessary to synchronise the revenue model and cost. If the revenue from the financing side used profit sharing payment model, then all the production costs (wage and rent) should be applied the profit sharing payment model instead of fixed payments.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 571-585
Issue: 4
Volume: 17
Year: 2023
Keywords: financing; mudharabah; profit sharing payments; fixed payments.
File-URL: http://www.inderscience.com/link.php?id=132532
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:571-585
Template-Type: ReDIF-Article 1.0
Author-Name: Taru Maheshwari
Author-X-Name-First: Taru
Author-X-Name-Last: Maheshwari
Author-Name: Mukta Mani
Author-X-Name-First: Mukta
Author-X-Name-Last: Mani
Title: Impact of goods and services tax on various sectors of Indian economy: a systematic literature review
Abstract:
The study has reviewed the existent literature on the effect of good and services tax (GST) on various sectors of the Indian economy. The purpose of the study is to analyse the findings of the number of studies which have been published for different sectors, so as to be able to present a broad picture about the influence of GST on various sectors in the country. A systematic literature review has been performed based on 114 studies by focusing on the findings of the papers. The result of the paper highlights the impact of GST on 14 sectors of the Indian economy and it has been envisaged that GST has a positive effect on agriculture, automobile, healthcare, logistics, manufacturing, retail and textile sector. Insurance and power sectors are negatively affected. Banking, FMCG, IT, e-commerce and real estate sector have mixed effect.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 539-555
Issue: 4
Volume: 17
Year: 2023
Keywords: good and services tax; GST; sectors; systematic literature review; indirect tax reform; synthesis; India.
File-URL: http://www.inderscience.com/link.php?id=132533
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:539-555
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Author-Name: Omowumi Omodunni Idowu
Author-X-Name-First: Omowumi Omodunni
Author-X-Name-Last: Idowu
Author-Name: Taiwo Owoeye
Author-X-Name-First: Taiwo
Author-X-Name-Last: Owoeye
Title: A regional analysis of female labour force participation in Africa: application of seemingly unrelated regression
Abstract:
This study modelled female labour force participation in all the five regions in Africa. It investigated the regional differences in female labour force participation (FLFP) in West, East, North, Southern and Central African regions over the period 1990-2018 and their implications for economic policy. The study used seemingly unrelated regression (SUREG) to analyse differences in demand and supply factors of FLFP in the five regions of Africa. The study discovered that wages have significant effects on FLFP in all the regions except Central Africa while GDP growth and per capita were not significant in North Africa. Meanwhile, it found that the major demand side factor of FLFP across all African regions during this period was gender gap in labour participation, while fertility influenced female decision to supply labour in all the regions. These findings are important for government/policymakers in each sub-region to develop a policy framework within its economic, social and political contexts in order to improve FLFP in the region.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 465-489
Issue: 4
Volume: 17
Year: 2023
Keywords: female; labour force participation; demand factors; supply factors; West Africa; East Africa; North Africa; Southern Africa; Central Africa; regional differences; seemingly unrelated regression; SUREG; economic policy.
File-URL: http://www.inderscience.com/link.php?id=132534
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:465-489
Template-Type: ReDIF-Article 1.0
Author-Name: Anshuman Kamila
Author-X-Name-First: Anshuman
Author-X-Name-Last: Kamila
Author-Name: M. Sreeramulu
Author-X-Name-First: M.
Author-X-Name-Last: Sreeramulu
Author-Name: Aniket Ranjan
Author-X-Name-First: Aniket
Author-X-Name-Last: Ranjan
Title: Do spillover effects exist in Indian markets?
Abstract:
Using forecast error variance (FEV) decomposition technique of a generalised VAR model of Diebold and Yilmaz (2012), this study is an inquiry into the return and volatility spillovers across various market segments in India viz., stock, bond, money and currency markets over the period July 2005 to August 2020. The empirical results confirm the spillover effects among the above stated markets; however, the degree of spillovers is very low (at around 5%) when compared with advanced economies. Further, our results reveal that stock and bond markets are the contributors of spillovers to other markets, while currency and money markets are receivers of spillovers from other markets.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 556-570
Issue: 4
Volume: 17
Year: 2023
Keywords: market spillovers; FEV decomposition; VAR.
File-URL: http://www.inderscience.com/link.php?id=132535
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:556-570
Template-Type: ReDIF-Article 1.0
Author-Name: Pablo José Arana Barbier
Author-X-Name-First: Pablo José Arana
Author-X-Name-Last: Barbier
Title: Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model
Abstract:
Unlevered betas determination in emerging markets remains a challenge because of the lack of formal tropicalised procedures. Replication of methods built for developed markets only generate biases. The study proposes a standardised procedure through the match of two asset pricing models in order to calculate unlevered betas more appropriately for a specific industry in an emerging market. The paper found that the model proposed permits a successful calculation of an unlevered beta which significantly correlates with the one estimated through the market line's slope without recurring to any preconceived indicators from developed markets. Also, the CAPM is reconfirmed as an appropriate opportunity cost for valuation, but dismisses inflation and country risk as part of its composition. Additionally, the paper identifies the main challenges among unlevered betas' calculation in emerging countries and proposes future research opportunities regarding this issue.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 586-599
Issue: 4
Volume: 17
Year: 2023
Keywords: asset pricing; capital asset pricing model; CAPM; emerging markets; levered betas; panel data multiple linear regression; perpetuity; stock valuation; stock valuation in emerging countries; unlevered betas; valuation models.
File-URL: http://www.inderscience.com/link.php?id=132536
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:586-599
Template-Type: ReDIF-Article 1.0
Author-Name: Sufiana Sarisae
Author-X-Name-First: Sufiana
Author-X-Name-Last: Sarisae
Author-Name: Muhammad Irwan Ariffin
Author-X-Name-First: Muhammad Irwan
Author-X-Name-Last: Ariffin
Author-Name: Rokiah Alavi
Author-X-Name-First: Rokiah
Author-X-Name-Last: Alavi
Title: The impact of trade facilitation on automotive export performance of Thailand
Abstract:
This study examines the impact of trade facilitation on the export performance of Thailand's automotive sector. It employs augmented gravity model using panel data over five-year irregular period (2007, 2010, 2012, 2014 and 2016) and 97 country pairs between Thailand and Thailand's importing countries. Seven indicators are used as proxies for trade facilitation which are overall logistics performance index (LPI) and its six components: 1) customs; 2) infrastructure; 3) international shipment; 4) logistics quality and competence; 5) tracking and tracing; 6) timeliness. The initial result indicates that overall LPI is not a significant factor to automotive export. A further investigation shows that three components of the trade facilitation index have positive impact on Thailand's automotive export; namely infrastructure, tracking and tracing, and timeliness; while the other three are not significant. Additionally, income level of importing countries, common land border, and common membership of regional trade agreement between Thailand and its trading partners positively affect automotive export of Thailand. However, the impact of distance in international automotive trade of Thailand seems to be declining over time, which may be due to rapid technological progress and the locations of high purchasing power countries that are far from Thailand.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 505-523
Issue: 4
Volume: 17
Year: 2023
Keywords: international trade; trade facilitation; trade cost; logistic performance index; automotive industry; Thailand.
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:505-523
Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Khalifa Sidi
Author-X-Name-First: Mohamed Khalifa
Author-X-Name-Last: Sidi
Author-Name: Salina Kassim
Author-X-Name-First: Salina
Author-X-Name-Last: Kassim
Title: Investigation of constituent determinants of financial inclusion: evidence from Mauritania
Abstract:
It has been globally acknowledged that financial inclusion is one of the most important methods to achieve sustainable development and reduce the incidence of poverty in society. Unfortunately, more than 50% of the adults in the low-income countries are still financially excluded. This paper empirically examines the potential determinants of accessibility to financial services among the Mauritanians. In methodology, a total of 583 self-administered questionnaires were collected based on random sampling method from the three largest cities in Mauritania, namely, Nouakchott, Nouadibou, and Kiffa. Logistic regression analysis was performed to determine the critical factors influencing financial inclusion in Mauritania. The results highlight specific determinants affecting financial inclusion among the households in Mauritania (such as location, religious activities, financial cost, and financial literacy). The study recommends that these factors must be given due consideration in the efforts of increasing financial inclusion among the Mauritanians.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 524-538
Issue: 4
Volume: 17
Year: 2023
Keywords: financial inclusion; religious factor; account ownership; Sub-Saharan Africa; Mauritania; logistic regression.
File-URL: http://www.inderscience.com/link.php?id=132538
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:4:p:524-538
Template-Type: ReDIF-Article 1.0
Author-Name: Hiteshkumar Thakkar
Author-X-Name-First: Hiteshkumar
Author-X-Name-Last: Thakkar
Author-Name: Gaurang Rami
Author-X-Name-First: Gaurang
Author-X-Name-Last: Rami
Author-Name: Pratik Parashar Sarmah
Author-X-Name-First: Pratik Parashar
Author-X-Name-Last: Sarmah
Title: Legislative framework to tackle non-performing assets in India: law and economic analysis
Abstract:
India has been taking steps to tackle the problem of <i>non-performing assets (NPAs)</i> or <i>bad loans</i>. The paper has tried to analyse the process from a <i>breach of contract</i> point of view. Game theory is used to understand the process wherein the asset is placed with the debtor, who can either cooperate or appropriate. The study focuses on the problems of <i>bad loans</i> and to ascertain in which sector-specific banks (public sector bank, private sector bank and foreign bank), it is significantly higher. It further narrows down the problem of bad loans in sub-sectors (priority sector, non-priority sector and public sector). Though there are various <i>legislative framework</i> to tackle non-performing assets, this paper stresses the effectiveness of <i>Lok Adalats, debt recovery tribunals (DRTs)</i>, and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 <i>(SARFAESI Act)</i> based on time series data, by putting forth trend regression analysis.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 362-388
Issue: 3
Volume: 17
Year: 2023
Keywords: non-performing assets; NPAs; bad loans; breach of contract; legislative framework; Lok Adalats; SARFAESI Act; debt recovery tribunals; DRTs; India.
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:362-388
Template-Type: ReDIF-Article 1.0
Author-Name: Moeti Damane
Author-X-Name-First: Moeti
Author-X-Name-Last: Damane
Title: An investigation of the macroeconomic determinants of household debt in Lesotho: evidence from principal components and the ARDL approach
Abstract:
This paper employs the autoregressive distributed lag model, principal component analysis and annual time series data from 1980 to 2016 to investigate the relationship between household debt, gross domestic product, household consumption, consumer price index, lending rate, and unemployment rate in Lesotho. Results reveal existence of a long-run cointegrating relationship between household debt and other macrovariables. There is proof of the life cycle hypothesis in Lesotho. Authorities are encouraged to rein in household debt, especially during economic booms through proper regulation of lending and borrowing practices while also exploring measures to curtail joblessness.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 283-306
Issue: 3
Volume: 17
Year: 2023
Keywords: Lesotho; household debt; economic growth; principal component analysis; PCA; error correction.
File-URL: http://www.inderscience.com/link.php?id=131036
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:283-306
Template-Type: ReDIF-Article 1.0
Author-Name: Ibrahim Niankara
Author-X-Name-First: Ibrahim
Author-X-Name-Last: Niankara
Author-Name: Tibi Didier Zoungrana
Author-X-Name-First: Tibi Didier
Author-X-Name-Last: Zoungrana
Author-Name: Rachidatou Ingrid Traoret
Author-X-Name-First: Rachidatou Ingrid
Author-X-Name-Last: Traoret
Title: Health and environmental consciousness effects of wealth in low income countries: evidence from households' energy, water, and sanitation services consumption in Burkina Faso
Abstract:
This paper relies on random utility theory and households' consumption choices on cooking fuel, drinking water, and sanitation from the 2014 US Agency for International Development's Demographic and Health Survey data on Burkina Faso, to characterise and investigate the inter-linkages between health consciousness and environmental consciousness, and their relationship with wealth. This is achieved by specifying sequentially three econometric modelling frameworks starting with a set of independent binary probit models describing each choice process, followed by a fully parametric trivariate probit model that accounts for choice dependency, and finally by a semi-parametric trivariate probit model that further relaxes the linearity assumption. Based on the Akaike information criteria and the estimated correlation coefficients, the semi-parametric trivariate probit specification describes best the observed consumption behaviours. The results show that increased wealth level raise households' health and environmental consciousness, while leaving the relative preference ordering over the services in the consumption basket unchanged. In fact, the ordinal ranking of the effects of wealth is consistent in size and direction across all wealth categories, with the greatest relative effect recorded for the choice of improved sanitation facilities, followed by that of wood-substitute fuels, and finally by that of improved drinking water sources.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 307-332
Issue: 3
Volume: 17
Year: 2023
Keywords: consumer behaviour; cooking fuel; environmental consciousness; health consciousness; semi-parametric estimation; trivariate probit; water and sanitation; wealth; Burkina Faso.
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:307-332
Template-Type: ReDIF-Article 1.0
Author-Name: Saidat Abidemi Sanni
Author-X-Name-First: Saidat Abidemi
Author-X-Name-Last: Sanni
Author-Name: Bulent Erenay
Author-X-Name-First: Bulent
Author-X-Name-Last: Erenay
Title: The effects of macro-economic indicators on BRICS-T economies: a cointegration and error correction modelling approach
Abstract:
This study adopts the Engle-Granger two step cointegration and error correction model (EG-ECM) approaches in analysing the long-run and short-run impacts of the negative and positive fluctuations in foreign exchange rate, oil price, imports and exports of goods and services on the economic growth of Brazil, Russia, India, China, South Africa, and Turkey (BRICS-T) over the period of 1960 to 2016. The Cochrane-Orcutt estimator and ridge estimator are employed to solve the problems of autocorrelation and multicollinearity in the proposed models. The results revealed the presence of long-run equilibrium among the variables, for all of the six economies. These findings also confirm the reaction of economic growth to the fluctuations in exchange rate, oil price, imports, and exports. In addition, the short run models reveal a feedback system of the economies back to their long run equilibrium level, after fluctuations in the values of the economic indicators.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 333-361
Issue: 3
Volume: 17
Year: 2023
Keywords: BRICS-T countries; emerging economies; error correction model; ECM; Brazil; Russia; India; China; South Africa; Turkey.
File-URL: http://www.inderscience.com/link.php?id=131038
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:333-361
Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Asif
Author-X-Name-First: Mohammad
Author-X-Name-Last: Asif
Author-Name: Rana Afreen
Author-X-Name-First: Rana
Author-X-Name-Last: Afreen
Title: Efficacy of monetary policy in controlling inflation in India in the post reform period: a threshold co-integration approach
Abstract:
This study attempts to investigate the relationship between inflation, call money rate, output gap, capital flows, seigniorage, fiscal deficit and supply shock in India after the reforms in the framework of Lucas' theory of price. In this study, CPI is used to represent inflation in India. CMR is used as a proxy for monetary policy instrument. Output gap and amount of rainfall are used to capture demand side and supply side factors. Capital flows represents external sector. The result suggests that ARDL bounds test confirms a long run relationship between inflation and its determining variables. Threshold co-integration tests such as Gregory-Hansen and Hatemi-J (2008) confirmed co-integration among the variables incorporating one and two structural breaks, respectively. The result indicated that monetary factors along with fiscal factors are responsible for inflationary situation in the country.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 389-406
Issue: 3
Volume: 17
Year: 2023
Keywords: monetary policy; inflation; ARDL; threshold co-integration.
File-URL: http://www.inderscience.com/link.php?id=131039
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:389-406
Template-Type: ReDIF-Article 1.0
Author-Name: Asawo Kimberly Adhiambo
Author-X-Name-First: Asawo Kimberly
Author-X-Name-Last: Adhiambo
Author-Name: Oleche Martine Odhiambo
Author-X-Name-First: Oleche Martine
Author-X-Name-Last: Odhiambo
Title: Minimum wage policy in Kenya: is it significant in enhancing labour force employment?
Abstract:
The research employs time series data spanning 1980 to 2016 to examine effect of minimum wage on employment levels in Kenya. We adopt a linear model postulating a linear association among the factors under review. During diagnosis of data, cointegration test postulates a short-run relationship between the variables, leading to adoption of autoregressive distributed lag model (ARDL); short-run model. Research findings indicate a positive significant effect of previous year's minimum wage on current employment levels in Kenya in the short-run with no long-run association. The shorter-term effect is minute, that is, a 100% increase in previous period's minimum wages would increase current employment by 9%. Lack of a long run relationship between minimum wages and employment levels indicates instability in use of minimum wage as a long-term policy measure to improve employment levels. Therefore, explicit employment of minimum wage policy, as a long-term strategy, to increase labour employment levels is discouraged. Increases in minimum wages should be kept at a minimum, less frequent timeframe, to avoid negative unintended effects.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 407-419
Issue: 3
Volume: 17
Year: 2023
Keywords: minimum wage; employment; Kenya; autoregressive distributed lag model; ARDL; linear regression model.
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:407-419
Template-Type: ReDIF-Article 1.0
Author-Name: James Atta Peprah
Author-X-Name-First: James Atta
Author-X-Name-Last: Peprah
Author-Name: Harold Ngalawa
Author-X-Name-First: Harold
Author-X-Name-Last: Ngalawa
Author-Name: Evelyn Derera
Author-X-Name-First: Evelyn
Author-X-Name-Last: Derera
Title: Capital flight, tax revenue and economic growth in Sub-Saharan Africa: the role of good governance
Abstract:
The study examines the moderating role of good governance indicators in the capital flight, tax revenue and economic growth relationship in 28 SSA countries. The data for the study spans from 1996 to 2018, and dynamic panel estimators were employed for the data analysis. As expected, the findings indicate that capital flight hinders economic growth in SSA whiles increasing tax revenue promotes growth. However, the effects of both capital flight and tax revenue on economic growth in sub-Saharan Africa are moderated by good governance indicators. In other words, with good governance, the drainage effect of capital flight on economic growth reduces significantly and the growth enhancing effect of domestic revenue mobilisation is increased. It is concluded, therefore, that policies that strengthen good governance are essential for Africa's growth prospects.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 444-464
Issue: 3
Volume: 17
Year: 2023
Keywords: capital flight; good governance; economic growth; Sub-Saharan Africa.
File-URL: http://www.inderscience.com/link.php?id=131054
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:444-464
Template-Type: ReDIF-Article 1.0
Author-Name: Özer Depren
Author-X-Name-First: Özer
Author-X-Name-Last: Depren
Author-Name: Mustafa Tevfik Kartal
Author-X-Name-First: Mustafa Tevfik
Author-X-Name-Last: Kartal
Author-Name: Serpil Kılıç Depren
Author-X-Name-First: Serpil Kılıç
Author-X-Name-Last: Depren
Title: The impacts of monetary policy responses to COVID-19 pandemic on national currencies: an emerging country case
Abstract:
The study investigates the effects of monetary policy responses on the value of Turkish lira (TRY) against the US dollar (USD) with considering the effect of the pandemic since TRY has depreciated at an important amount recently. In this context, daily data from 21 October 2019 to 30 October 2020 are examined by using a total of four monetary policy indicators, and national and global variables. In addition, artificial neural network analysis is performed. The results reveal that: 1) the importance of the independent factors are differentiated in each period; 2) the weighted average cost of funding, the amount of securities bought by the CBRT, and the amount of emission, which are all monetary policy indicators, are the most influencing factors affecting the value of TRY in the pre-pandemic period, the loose monetary policy period, and the gradual normalisation period, respectively; 3) monetary policy responses have a strong effect on the value of TRY. Therefore, Turkey should recast the monetary policy responses to preserve the value of TRY in light of the results and recommendations presented in the study.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 183-195
Issue: 2
Volume: 17
Year: 2023
Keywords: COVID-19 pandemic; monetary policy responses; TRY/USD; artificial neural network.
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:183-195
Template-Type: ReDIF-Article 1.0
Author-Name: Soumaïla Sawadogo
Author-X-Name-First: Soumaïla
Author-X-Name-Last: Sawadogo
Title: Contribution of non-timber forest products to food security of households bordering the Pô-Nazinga-Sissili ecological complex in Burkina Faso
Abstract:
The current paper analyses the contribution of non-timber forest products (NTFPs) to households' food security bordering the complex Pô-Nazinga-Sissili, a protected area in south Burkina Faso. Using primary data from a sample of 263 randomly selected households, two food security indicators, the Household Dietary Diversity Score and the Household Food Insecurity Access Scale, were calculated. Binary logistic regression and ordered multinomial logistic regression of these respective indicators on the socioeconomic characteristics of households, with a particular focus on economic dependence on NTFPs, have shown that NTFPs are means to improve household food security. It would be more appropriate for NTFPs to be deeply incorporated into public food security policies, especially in rural areas.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 420-443
Issue: 3
Volume: 17
Year: 2023
Keywords: forest products; non-timber forest products; NTFPs; food security; forest dependence; logit models; Pô-Nazinga-Sissili; PONASI; Burkina Faso.
File-URL: http://www.inderscience.com/link.php?id=131060
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:3:p:420-443
Template-Type: ReDIF-Article 1.0
Author-Name: Nguyễn Khắc Quốc Bảo
Author-X-Name-First: Nguyễn Khắc Quốc
Author-X-Name-Last: Bảo
Author-Name: Lê Văn
Author-X-Name-First: Lê
Author-X-Name-Last: Văn
Title: The relation between stock return and air quality in Vietnam under impacts of COVID-19
Abstract:
In this paper, we examine interactions between daily changes in VN index and air quality (represented by the atmospheric particulate matter PM<SUB align="right"><SMALL>2.5</SMALL></SUB> index) of Ho Chi Minh City based on the conditional correlation bivariate generalised autoregressive conditional heteroskedasticity mechanism. We find that: 1) air quality positively affects the stock return from 2016 to 2019; 2) stock return and air quality negatively affect to each other during the period of novel coronavirus disease (COVID-19) pandemic. In other words, the relation between stock return and air quality in Vietnam became a trade-off due to COVID-19. Thus, we construct a hypothetical portfolio of the VN index and air quality to find the weights that bring optimal interests before and after the pandemic. Of which, the weight of air quality significantly increases under the impacts of COVID-19.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 143-161
Issue: 2
Volume: 17
Year: 2023
Keywords: stock return; air quality; COVID-19; Vietnam.
File-URL: http://www.inderscience.com/link.php?id=129781
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:143-161
Template-Type: ReDIF-Article 1.0
Author-Name: Manuel F. Morales-Contreras
Author-X-Name-First: Manuel F.
Author-X-Name-Last: Morales-Contreras
Author-Name: Manuel F. Suárez-Barraza
Author-X-Name-First: Manuel F.
Author-X-Name-Last: Suárez-Barraza
Author-Name: Lucía Barcos Redín
Author-X-Name-First: Lucía Barcos
Author-X-Name-Last: Redín
Title: Analysing Muda under COVID-19 pandemic: a case study in a Spanish supermarket
Abstract:
Lean service aims at identifying and eliminating <i>Muda</i> or waste (non-value-added activities). The purpose of this paper is to answer the research questions: Which types of waste can be observed in supermarket stores during COVID-19 pandemic? How has it impacted the operational processes in stores? An exploratory case study based on structured direct observation has been conducted. A supermarket store in a Spanish mid-size city has been selected and observed for more than 30 weeks. Methods to gather data were document analysis, direct and participative observation and informal interviews with customers and employees. Seven types of <i>Muda</i> (defects, motion, over-processing, inventory, overproduction, transportation, and time) were identified and measured prior to COVID-19 pandemic and after the first weeks. The results show that all types of <i>Muda</i> increased significantly during the first four weeks after the pandemic outbreak, but they decrease afterwards when actions were implemented by the management.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 256-281
Issue: 2
Volume: 17
Year: 2023
Keywords: lean; service process; grocery stores; supermarket; continuous improvement; waste; Muda; COVID-19 pandemic; Spanish.
File-URL: http://www.inderscience.com/link.php?id=129783
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:256-281
Template-Type: ReDIF-Article 1.0
Author-Name: M. Vishnu Vivek
Author-X-Name-First: M. Vishnu
Author-X-Name-Last: Vivek
Author-Name: Punniyamoorthy Murugesan
Author-X-Name-First: Punniyamoorthy
Author-X-Name-Last: Murugesan
Author-Name: V. Lavanya
Author-X-Name-First: V.
Author-X-Name-Last: Lavanya
Title: Tax capacity assessment for COVID-19 resource mobilisation: evidence from an Indian state
Abstract:
COVID-19 pandemic has impacted mankind in a way that the modern world has never seen. With trade and commerce being impacted, the administrations of emerging economies are struggling to raise resources to fight the pandemic. The emerging economies are forced to have a hard look at their tax mobilisation efforts to fund the COVID-19 vaccine programs for the poor and needy. India ranks second in the total number of COVID-19 cases in the world and the country is facing the daunting task of protecting its citizens from the deadly disease. The paper analyses the tax capacity for the state of Kerala, India which is reporting the highest number of cases in India as of January 2021. Stochastic frontier analysis (SFA) is leveraged for determining the variables impacting tax capacity and technical inefficiency of the selected state. Two SFA models are constructed to identify the impact of the variables. The study reveals that the potential for additional resource mobilisation leveraging taxation is limited due to the humongous challenges faced by the tax capacity variables coupled with the strong presence of technical inefficiency.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 220-238
Issue: 2
Volume: 17
Year: 2023
Keywords: COVID-19; stochastic frontier analysis; SFA; gross state domestic product; GSDP; tax capacity; tax effort; principal component analysis; PCA.
File-URL: http://www.inderscience.com/link.php?id=129784
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:220-238
Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Fakhoury
Author-X-Name-First: Anthony
Author-X-Name-Last: Fakhoury
Author-Name: Ali Fakih
Author-X-Name-First: Ali
Author-X-Name-Last: Fakih
Title: Government intervention and business response as determinants of business continuity amid COVID-19: the case of Jordan and Morocco
Abstract:
This paper provides new insights into the role of governments and businesses in responding to pandemics in the Arab region. It uses the COVID-19 World Bank Enterprise Survey Follow-up (2020) dataset to examine the degree of business endurance in Jordan and Morocco amid the pandemic. Relying on the probit regressions, the empirical findings suggest that businesses that assumed resilient strategies such as establishing an online presence and converting production were found more likely to remain open, whereas firms that adopted remote working were less likely to survive. This is due to the unpreparedness of firms and the limited availability of technologies in Jordan and Morocco for teleworking. Furthermore, firms that expected future government support are more likely to report closure. Finally, our results do not provide evidence that government grants and measures and the level of online sales are statistically significant in our model. The model used also offers further testable hypotheses for future research to comprehend the significance of the response of businesses to the unprecedented shocks resulting from COVID-19.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 196-219
Issue: 2
Volume: 17
Year: 2023
Keywords: business continuity; business response; government intervention; remote working; COVID-19; Jordan; Morocco.
File-URL: http://www.inderscience.com/link.php?id=129785
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:196-219
Template-Type: ReDIF-Article 1.0
Author-Name: Luis Quintana Romero
Author-X-Name-First: Luis Quintana
Author-X-Name-Last: Romero
Author-Name: Miguel Ángel Mendoza González
Author-X-Name-First: Miguel Ángel Mendoza
Author-X-Name-Last: González
Author-Name: Carlos Salas Páez
Author-X-Name-First: Carlos Salas
Author-X-Name-Last: Páez
Author-Name: Marcos Valdivia López
Author-X-Name-First: Marcos Valdivia
Author-X-Name-Last: López
Title: Post-COVID-19 economic growth scenarios for Mexico City
Abstract:
The objective of this work is to identify post-pandemic recovery scenarios for Mexico City based on different trajectories of labour productivity. Based on the concepts of economic contagion, spatial effects and spatial productivity, the contribution of this work lies in the estimation of a spatial panel model that allows simulating post-COVID economic recovery scenarios. Results show the benefits of implementing an investment policy for certain strategic sectors in the different municipalities of Mexico City, namely higher value added sectors, knowledge-intensive services, green industries, and sectors of high employment generation. These investment decisions could favour Mexico City for decades to come, locking it into a path of economic development that is both environmentally and socially sustainable.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 162-182
Issue: 2
Volume: 17
Year: 2023
Keywords: economic impacts of COVID-19; Mexico City economy; spatial panel models; sustainable growth; post-pandemic recovery; economic growth; labour productivity; economic contagion; spatial productivity; crisis and COVID-19; economic policy; simulation analysis.
File-URL: http://www.inderscience.com/link.php?id=129786
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:162-182
Template-Type: ReDIF-Article 1.0
Author-Name: Muzafar Shah Habibullah
Author-X-Name-First: Muzafar Shah
Author-X-Name-Last: Habibullah
Author-Name: Mohd Yusof Saari
Author-X-Name-First: Mohd Yusof
Author-X-Name-Last: Saari
Author-Name: Evan Lau
Author-X-Name-First: Evan
Author-X-Name-Last: Lau
Author-Name: Badariah Haji Din
Author-X-Name-First: Badariah Haji
Author-X-Name-Last: Din
Author-Name: Anuar Shah Bali Mahomed
Author-X-Name-First: Anuar Shah Bali
Author-X-Name-Last: Mahomed
Title: Testing for farmer stock market-unemployment hypothesis during the COVID-19 pandemic in Malaysia
Abstract:
Farmer hypothesised that there is a linear long-run relationship between the movement of the stock market and movement in the unemployment rate, and there is a unidirectional causality running from stock market to unemployment rate. In this study we test the Farmer hypothesis by using Malaysia's daily data on stock price and unemployment rate during the COVID-19 pandemic. We performed unit root, cointegration and short-run as well long-run non-causality tests between the stock market and unemployment rate using high frequency data for the period January to October 2020. Our results suggest that both stock market and unemployment rate are non-stationary and cointegrated. The causality test results suggest that using shorter lag, Farmer hypothesis is rejected while at longer lags, Farmer hypothesis cannot be rejected.
Journal: Int. J. of Economic Policy in Emerging Economies
Pages: 239-255
Issue: 2
Volume: 17
Year: 2023
Keywords: Farmer hypothesis; unemployment; stock market; COVID-19; Malaysia.
File-URL: http://www.inderscience.com/link.php?id=129787
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Handle: RePEc:ids:ijepee:v:17:y:2023:i:2:p:239-255