Forthcoming and Online First Articles

International Journal of Monetary Economics and Finance

International Journal of Monetary Economics and Finance (IJMEF)

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International Journal of Monetary Economics and Finance (6 papers in press)

Regular Issues

  • Herding behaviour in Turkish stock market sector indices: the effect of COVID-19 outbreak   Order a copy of this article
    by Kıymet Yavuzaslan, Nasif Ozkan 
    Abstract: Within the framework of isolation and social distance rules, the most important method of avoiding the COVID-19 virus, has taken place in the social life and the economic activities of people. The COVID-19 outbreak has driven uncertainty in all financial markets, and also recent studies have determined a direct relationship between the irrational decisions of investors and the pandemic. After the COVID-19 outbreak, principally, the herding behaviour has been observed in almost all the emerging stock markets. We analysed the sixteen Borsa Istanbul sector indices using the methodology of Chang et al. (2000). During the COVID-19 outbreak, we validated the existence of herding behaviour in the food, beverage, and banking sectors. Besides, we found evidence of herding behaviour in most of the sectors in upmarket conditions, while we confirmed only in the Food, Beverage sector in both the up and down market conditions.
    Keywords: COVID-19; behavioural economics; stock market; herding behaviour; sector indices; Turkey; BIST.
    DOI: 10.1504/IJMEF.2021.10040550
  • Treasury single account (TSA) and banks lending rates in Nigeria   Order a copy of this article
    by Tirimisiyu F. Oloko, Muhammed A. Yusuf 
    Abstract: This study employs structural vector autoregressive (SVAR) model to analyse the dynamic effect of treasury single account (TSA) policy on the lending rates of Nigerian banks. It also conducts a counterfactual analysis to predict the potential effect of implementation of TSA policy at state and local government levels on banks lending rates in Nigeria. Our results validate the use of bank lending transmission channel and SVAR model for the analysis of the effect of TSA policy. Empirical results suggest that TSA policy has a negative temporary effect on banks lending rates in Nigeria. The counterfactual analysis reveals that there is a delay of about 12 months for TSA implemented at the sub-national level to influence banks lending rates. It is recommended that the monetary authority cushioned the effect of TSA policy on banks lending rate in Nigeria by applying a counter-active measure such as reducing cash reserves ratio.
    Keywords: TSA; treasury single account; government deposits; crowding-out effect; bank lending rate; SVAR model; Nigeria.
    DOI: 10.1504/IJMEF.2021.10041775
  • Impact of bank liquidity, cost efficiency and capital adequacy on bank profitability in post crisis period in Bangladesh   Order a copy of this article
    by Rakibul Islam 
    Abstract: This paper aims to investigate the impact of bank liquidity, cost efficiency, and capital adequacy on bank profitability during 20092018 in Bangladesh. The application of two-step system generalised moment of mean (GMM) method finds the significant impact of liquidity, capital adequacy, and economic activity of a country on profitability. The impact of cost-efficiency remains inconclusive. Banks with high liquidity are more likely to be less profitable and banks with greater capital are the more successful banks. Thus, Banks that maintain greater loans and advances to deposits and high capital to risk-weighted assets are more profitable in Bangladesh. Meanwhile, the government policy of increased economic activity positively affects bank profitability. This study has great significance to the bank managers, directors, and regulatory bodies.
    Keywords: bank profitability; liquidity; capital adequacy; Bangladesh; cost efficiency.
    DOI: 10.1504/IJMEF.2021.10042598
  • (In)effective tax policy vs. fiscal (un)sustainability: evidence from Polish municipal government level   Order a copy of this article
    by Alina Klonowska, Tomasz Uryszek 
    Abstract: The main goal of the paper is to investigate the impact of tax preferences on the fiscal sustainability of Polish communes. Such a goal is accompanied by the following research hypothesis: resignation from tax preferences would enable obtaining a primary budget surplus in the municipal government sector in Poland. The research period covers yearly observations and estimations made between 2003 and 2018. Empirical evidence confirms the research hypothesis to be true. We found out that Polish communes should strive to stabilise the level of public debt and avoid excessive indebtedness. What is important, the communes would not have to abandon the use of all fiscal instruments (including reliefs and exemptions) to reach this goal. It would be enough to be more responsible about using fiscal tools and to make more effort to collect tax liabilities.
    Keywords: Ponzi; municipalites; finance; tax; preferences; deficit.
    DOI: 10.1504/IJMEF.2021.10042599
  • Covid-19 based global fear index, economic fundamentals and stock return nexus: analysis of Asia-Pacific stock markets   Order a copy of this article
    by Keshmeer Makun 
    Abstract: n this paper, we examine the effect of Covid-19 on stock returns of nine major Asia-Pacific countries, namely, Australia, China, Hong Kong, India, Japan, Taiwan, Malaysia, Singapore, and Thailand. We use the newly developed Covid-19 based global fear index to empirically estimate its effect on stock returns for the period 2 February up to 29 November 2020. The empirical analysis shows evidence of a cointegrating relationship between the global fear index and stock returns for nine countries. The findings reveal that the global fear index has a negative and significant effect on stock returns both in the long run and short run. We also find that accounting for economic fundamentals (the exchange rate and oil price) during the crisis period also influences the stock returns significantly. Shareholders need to consider the extent of uncertainty related to pandemics before making investment decisions in stock markets and possibly in other financial markets.
    Keywords: Covid-19; exchange rate; oil price; stock returns; Asia-Pacific.
    DOI: 10.1504/IJMEF.2021.10042698
  • The impact of bank lending channel on separate loan portfolios in Poland   Order a copy of this article
    by Filip Świtała, Iwona Kowalska, Karolina Malajkat 
    Abstract: The paper supplements the research on the effectiveness of monetary policy transmission especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. Finding the answer to the question how a change in the central banks interest rates may determine a change in the volume of loans in the economy remains the core of the research.
    Keywords: loan supply; monetary policy; bank lending channel; impulse response.
    DOI: 10.1504/IJMEF.2021.10042851