International Journal of Monetary Economics and Finance
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International Journal of Monetary Economics and Finance (5 papers in press)
Dynamics of Inflation and Inflation Uncertainty in Pakistan by Kashif Munir, Nimra Riaz Abstract: This study analyses the dynamics of inflation and inflation uncertainty in Pakistan, while inflation has been disaggregated into food inflation and non-food inflation from July 1998 to March 2018. The study follows two step procedure, an ARMA-GARCH model is used in the first step with the generated conditional variance used as measure of inflation uncertainty, while Granger causality test is performed in the second step to find the relationship between the variables. Mean equation of inflation, food inflation, and non-food inflation show that past inflation has significant effect on current inflation, while variance equation shows high persistence of inflation. Unidirectional causality exists from inflation to inflation uncertainty as well as from food inflation to food inflation uncertainty and supports the Friedman Keywords: Inflation; Inflation Uncertainty; ARMA; ARCH; GARCH; Pakistan. DOI: 10.1504/IJMEF.2020.10024845
Analyzing the Impact of Corporate Stock Buybacks in China and the US Equity Markets by Haochen Guo Abstract: This paper contributes to the comparative analyzing the impact of corporate stock buybacks in China and the US equity markets. The reason to compare two equity markets with buybacks - in the US equity market, the largest source of the US equity demand has consistently been buybacks. However, in the China equity market, Chinas A-share market conducted a surging number of buybacks that began in 2018, it believes showed corporations strong intention of bottom fishing and would support stock value. Based on that, this paper analyzes the motivation and status analysis of buybacks in China and the US equity markets. Further, according to the financial assessment of two big corporate buybacks in China and the US equity markets as case studies. Therefore, demand for buybacks in the equity market still large, it suggests confidence in a corporations performance buybacks is one way for corporations to reward shareholders and rejuvenate bull market. Keywords: buybacks; buyback blackout period; dividend policy; earning per share; DuPont analysis; equity market. DOI: 10.1504/IJMEF.2020.10027178
Stock Liquidity and Capital Structure: Evidence from Saudi Listed Firms by Yomna Abdulla, Rabab Ebrahim Abstract: In this paper, we investigate the impact of stock liquidity on capital structure of Saudi non-financial firms during the period 2007-2018. Prior literature indicates that firms with more liquid stocks tend to prefer equity over debt, due to their lower cost of equity. Our findings do not support this argument, as we show that stock liquidity has an insignificant effect on leverage. The results persist after accounting for the possible endogeneity of stock liquidity in the leverage model. The results also evidence a significant impact of stock liquidity on leverage in large firms. Keywords: Capital Structure; Emerging Market; Leverage; Saudi Arabia; Stock Liquidity. DOI: 10.1504/IJMEF.2020.10027179
Socio-Economic, Information and Communication Technology, and Banking Performance For Financial Inclusion Index in Indonesia by Sylviana Maya Damayanti, Ditasa Madira, Raden Aswin Rahadi, Arinda Mentari Putri Abstract: Indonesia has 34 provinces spread across several separate islands, which means Indonesia has much diversity in its community. It is made difficult for the government to regulate and enhance overall economic growth, mainly to provide financial services. The government created a national financial inclusion strategy to fulfil these objectives by building five pillars and three strategic foundations. Financial Inclusion Index of Indonesia in 2013 is 59.74%, 67.8% in 2016 and 69% in 2017. However, the target of the Indonesian President, is 75% in 2019. In this study, the author analyse the factors that affect the Financial Inclusion Index. Variables used in this study include socio-economic conditions, ICT, and Banking Performance. The method used was descriptive and verification analysis by panel regression analysis. The results are obtained that the variables that influence the Financial Inclusion Index in Indonesia are Unemployment rate variables, Internet variables, and Non-Performing Loans. Keywords: Financial Inclusion Index; Socio-Economic; Information and Communication Technology; Banking Performance. DOI: 10.1504/IJMEF.2020.10027977
Cultural Distance and Thailand's Foreign Direct Investment Attractiveness by Piyaphan Changwatchai, Siwapong Dheera-aumpon Abstract: Thailand tries to attract more FDI because it is an important driver of economic growth. From previous studies, the effect of cultural distance on FDI attractiveness is ambiguous. This study constructs Thailands FDI attractiveness index and analyze the effect of cultural distance on Thailand's FDI attractiveness. The results show that cultural distance between Thailand and its source country increases the FDI attractiveness of Thailand. This means that culture differences do not impede the FDI attractiveness of Thailand. To promote new inward FDI in Thailand, the government may educate potential investors about culture in Thailand. Keywords: attractiveness; culture; cultural distance; FDI; Thailand. DOI: 10.1504/IJMEF.2020.10028081