ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)最新文献

{"title":"The Role of Capital Markets in Economic Growth: Evidence from Ghana","authors":"Wiafe Nti Akenten, C. Boateng, Haftamu Kiros","doi":"10.2139/ssrn.3530744","DOIUrl":"https://doi.org/10.2139/ssrn.3530744","url":null,"abstract":"In the last two decades, the most dominant theme in development strategies in Africa, especially Ghana, has been the promotion of free markets and a decrease in state intervention in many aspects of the economy. International organizations like the World Bank, IMF and donor countries have eulogized the role of the private sector in economic growth and acknowledged the need to facilitate private sector development. The private sector requires the creation of an enabling environment to thrive and flourish. A key factor here is the healthy growth of the capital market, which in turn improves the private sectors access to capital. The development of the capital market is preceded by the development of the financial sector. The financial sector channels savings and investments to seekers of capital. This study seeks to assess the role of the capital market in propelling economic growth in Ghana.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114559132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The New Kids on the Block: Sustainable Development in the IIAs of Emerging Economies","authors":"Beatriz Hayes Meizoso","doi":"10.2139/ssrn.3740048","DOIUrl":"https://doi.org/10.2139/ssrn.3740048","url":null,"abstract":"How do states incorporate sustainable development into their international investment policy? The scarce research that exists on this topic has exclusively focused on the traditionally dominant (i.e., Western) states, while more recently emerging economic players have been left unexamined. This paper argues that this oversight is problematic in that the academic literature has found substantial policy differences in how the two types of countries approach other forms of international interactions, such as the protection of human rights abroad. It follows that we may be missing an essential piece of the full global investment regime puzzle, whereby the ‘new kids on the block’ mentioned above are more likely to pursue development policies in their bilateral agreements. The present investigation takes the first step in mapping out the distinct patterns across country types in this regard by extending a valuable existing dataset on IIA development analysis to include 99 new agreements. Overall, the results show strong support for the proposed theoretical framework and suggest that the ‘new kids on the block’ will be the pioneers of tomorrow’s sustainable development movement vis-à-vis international investment agreements.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"740 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115131728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Structure, Conduct and Performance of REITs in Emerging Markets: Empirical Evidence from Nigeria","authors":"D. Dabara, O. Ogunba","doi":"10.15641/jarer.v4i2.827","DOIUrl":"https://doi.org/10.15641/jarer.v4i2.827","url":null,"abstract":"Purpose: This study examines the correlations between the structure, conduct and performance of Real Estate Investment Trusts in Nigeria (N-REITs) with a view to providing information that will enhance and guide real estate investment decisions on N-REITs. Design/Approach: The study population consists of all three REIT companies in Nigeria, namely: Skye Shelter Fund, Union Home REIT and UACN Property Development Company (UPDC) REIT. Secondary data on dividends and share prices of N-REITs; Total Business Revenues (TBR) and Total Individual Expenditure (TIE) on conduct variables were sourced from periodicals of the respective companies covering the period from 2008 to 2016. The data series for the study were analyzed by means of the Kwiatkowski-Phillips-Schimidt-Shin (KPSS) unit root tests, Philip-Perron (PP) unit root tests, Granger Causality tests, and the Ordinary Least Square (OLS) regression. Findings: The study shows a Herfindahl Hischman Index (HHI) that ranged between 41.81% (recorded in 2010) and 100% recorded in 2008. This suggests a high concentration in the N-REITs industry. Similarly, the Granger Causality Test conducted reveals a bi-directional causal relationship between the structure, conduct and performance of N-REITs. Practical Implications: The study provides essential information (on the HHI, return performance and causal relationships) for stakeholders in the real estate sector regarding the influence of structure and conduct on the performance of N-REITs. This information will be valuable for equipping asset managers, insurance companies, pension funds and individual real estate investors in making informed investment decisions. Originality/Value: This study is unique as it is the first to draw a link between the structure, conduct and performance of REITs in an African emerging real estate market; something that has not been considered in previous studies.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116164918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Empirical Testing of the Five-Factor Model of Fama and French in Indonesia as an Emerging Capital Market","authors":"M. Saleh","doi":"10.31014/aior.1992.03.01.175","DOIUrl":"https://doi.org/10.31014/aior.1992.03.01.175","url":null,"abstract":"This study was conducted to empirically examine the five-factor model of Fama and French in respect to stock returns of companies listed in the finance sector with 170 observations over the period 2012-2016. As a comparative analysis, this study is also conducted to examine CAPM and the three-factor model of Fama and French. The findings of the study revealed that the market return has a positive and partially significant impact on the stock return for CAPM. Specifically, both variables, small minus big (SMB) and high minus low (HML) have a positive and significant impact on stock returns in the three-factor model and five-factor model of Fama and French. In contrast to the research of Fama and French the explanation power of the five-factor model is lower than that of the three-factor model in this research.<br>","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128502051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"China's One Child Policy and International Trade: The Effect of Distorted Sex Ratios on Comparative Advantage","authors":"K. Gu, Andrey Stoyanov","doi":"10.2139/ssrn.3531993","DOIUrl":"https://doi.org/10.2139/ssrn.3531993","url":null,"abstract":"Since the one-child policy (OCP) was introduced in China in 1979, many more boys than girls have been born, changing the relative female labor supply. We study the effect of this change on China's international trade. Differences in sex ratios across cities, caused by differences in OCP enforcement, affect availability of gender-dependent skills. These regional differences interact with sector-specific differences in intensities in gender-dependent skills. Other things equal, cities with higher female population share specialize in industries which use female labor intensively. We empirically confirm this insight for the sample of 212 Chinese cities, using spatial variation in OCP stringency as an exogenous female labor supply shifter. We interpret our results as highlighting the importance of labor force gender composition for industry's productivity. Our results imply that the effect of gender imbalances in labor supply on labor market outcomes, observed in many parts of the world, can be mitigated through international trade by utilizing relatively abundant type of labor in export-oriented industries.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124711568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Crime and Output: Theory and Application to the Northern Triangle of Central America","authors":"D. Plotnikov","doi":"10.5089/9781513519272.001","DOIUrl":"https://doi.org/10.5089/9781513519272.001","url":null,"abstract":"This paper presents a structural model of crime and output. Individuals make an occupational\u0000choice between criminal and legal activities. The return to becoming a criminal is\u0000endogenously determined in a general equilibrium together with the level of crime and\u0000economic activity. I calibrate the model to the Northern Triangle countries and conduct\u0000several policy experiments. I find that for a country like Honduras crime reduces GDP by\u0000about 3 percent through its negative effect on employment indirectly, in addition to direct\u0000costs of crime associated with material losses, which are in line with literature estimates.\u0000Also, the model generates a non-linear effect of crime on output and vice versa. On average I\u0000find that a one percent increase in output per capita implies about ½ percent decline in crime,\u0000while a decrease of about 5 percent in crime leads to about one percent increase in output per\u0000capita. These positive effects are larger if the initial level of crime is larger.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124369916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Digital Banking on the Profitability of Deposit Money Banks: Evidence From Ghana","authors":"K. Boateng","doi":"10.33545/26175754.2020.v3.i1b.67","DOIUrl":"https://doi.org/10.33545/26175754.2020.v3.i1b.67","url":null,"abstract":"Digital banking refers to the act of performing banking and financial transaction without the use of physical cash, coins or bills. The fundamental objective of the study was to find out the impact of digital banking on the profitability of deposit money banks in Ghana. Secondary data spanning from 2012 to 2018 were collected from the annual payment system reports of the central bank of Ghana. Cheque codeline clearing, Ghana automated clearing house, Ghana interbank settlements, Gh-Link, and mobile money payments in value were the independent variables. Return on assets (ROA) was the dependent variable employed in the study. Partial least square (PLS) regression was the statistical tool used for the analysis with the aid of Origin2018 scientific software.<br><br>The results of the study indicated that Gh-Link and E-zwich distinguished themselves from the rest of the variables by explaining 95.87% of the variations in the profitability of Ghanaian banks. It was further found that a positive relationship existed between cheque codeline clearing; Ghana automated clearing house, Ghana interbank settlement, GH-Link, and the profitability of Ghanaian Banks. Mobile money and E-zwich, on the other hand, had a negative relationship with the profitability of the banks. It was therefore recommended that the banks should make more efforts in the form of education and marketing to win more customers to patronise the digital banking products for profit maximization. The implication of this study is that policymakers henceforth will have a fair idea when formulating policies concerning Fintech in the future. <br><br>","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121560540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Long Run Stability of Money in the Proposed East African Monetary Union","authors":"S. Asongu, O. Folarin, N. Biekpe","doi":"10.2139/ssrn.3623842","DOIUrl":"https://doi.org/10.2139/ssrn.3623842","url":null,"abstract":"This study investigates the stability of money in the proposed East African Monetary Union (EAMU). The study uses annual data for the period 1981 to 2015 from five countries making up the East African Community (EAC). A standard money demand function is designed and estimated using a bounds testing approach to co-integration and error-correction modeling. The findings show divergence across countries. This divergence is articulated in terms of differences in CUSUM (cumulative sum) and CUSUMSQ (CUSUM squared) tests, short run and long term determinants and error correction in event of a shock. Specifically, the results show that the demand for money is stable in the cases of Burundi, Rwanda and Tanzania based on the CUSUM and CUSUMSQ tests, while for the remaining countries (Kenya and Uganda) only partial stability is apparent. In event of a shock, Kenya will restore its long run equilibrium fastest, followed by Tanzania and Burundi.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126983644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"신흥국 산업인력 수요전망 방법론 연구: 직업교육 ODA 사업의 효율화 방안을 중심으로 (Approaches to Forecasting Labor Demand in Developing Countries and Their Implications for Korea’s ODA)","authors":"Young Ho Park, Jae Wook Jung, Yejin Kim, Min-Ja Jeong, Gyu-Hee Hwang","doi":"10.2139/ssrn.3705184","DOIUrl":"https://doi.org/10.2139/ssrn.3705184","url":null,"abstract":"<b>Korean Abstract:</b> 신흥국의 산업인력 양성을 지원하는 직업교육훈련 ODA 사업의 내실화를 다지기 위해서는 교육과정 설계 등 사업계획 수립 및 집행에 앞서 어떤 산업과 직종에서 산업인력 수요가 어느 정도로 예상되는지 등에 대한 합리적인 진단이 중요하다. 오늘날 신흥국들은 국가별로 차이는 있지만 경제구조 전환 과정에 있고, 노동시장을 둘러싼 제반 환경이 복잡해지고 있어 기존의 노동시장 수요예측 방법만으로는 예측력을 높이기 어렵다. 본 연구는 신흥국의 특성에 맞는 정량적 기법과 정성적 기법의 결합을 시도하기 위하여 베트남을 대상으로 산업 및 직업별 인력수요 전망 분석 방법론을 시범 적용했으며, 나아가 글로벌 가치사슬(GVC) 분석과 빅데이터(big data) 분석방법론을 다루었다.<br><br><b>English Abstract:</b> Technical and vocational education and training (TVET) programs are a critical area within the official development assistance (ODA) mandate of Korea. Korea is implementing TVET projects in a wide range of regions, including Southeast Asia, Central Asia, Latin America and the Caribbean, the Middle East, and Africa. Considering the increasing demand for TVET from developing countries, Korea is expected to continue and expand its TVET projects. Korea has not been conducting systematic labor market forecast in the preparation and implementation of TVET projects. Developing systematic labor forecast methods and increasing predictability of labor demand should precede actual hardware supports, including the construction of job training centers and distribution of training materials as well as curriculum development, in order to increase the efficiency of TVET projects. However, the labor demand forecasts conducted by Korea up to now largely fall short of these expectations. This study aims to develop systematical labor forecast methods thereby contributing to increasing the efficiency of TVET ODA. Towards this, the study suggests a labor forecast method that considers characteristics of developing countries, and applies the method to Vietnam as a pilot application. Based on the results, this study estimates Vietnam’s future labor demand by industry and by occupation. In addition, this study introduces alternative labor market projection methods that can possibly deal with new changes observed in the labor markets of emerging countries. Chapter 2 reviews Korean TVET ODA projects and evaluates the demand side of the projects, for instance whether any labor market forecasts had been conducted for these projects or not, and the scope and method of labor market forecast. We examine project proposals, project validity studies, and evaluation studies for evaluating how much the demand side was considered in the process of implementing TVET projects. In Chapter 3, as a precursor to developing an alternative labor projection method, we introduce labor forecast models used in developing and advanced countries and compare their characteristics. Labor forecast studies started as the issue of effective human resource allocation emerged as a national task for many countries after World War Ⅱ. Accurate macroeconomic projection is critical for labor forecast, because labor demand is basically derived demand generated as the aggregate demand of economic increases. Recently, econometric methods based on the general equilibrium model are largely used","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129441805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Informality and Trade Openness Impact Long Run Growth? Empirical Evidence from Ghana","authors":"Charles Mawusi","doi":"10.2139/ssrn.3506431","DOIUrl":"https://doi.org/10.2139/ssrn.3506431","url":null,"abstract":"Using an Autoregressive Distributed Lag (ARDL) technique, and the Granger causality test, this paper examines the dynamic relationship between economic growth, the size of the informal economy, and trade openness in Ghana. Our results provide evidence of a positive and bidirectional causality between the size of the informal economy and economic growth. Moreover, we find that openness to trade has a significant causal effect on the prevalence of informal activities and economic growth.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133715143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}