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

{"title":"Financial Performance, Corporate Governance and Microfinance Institutions Sustainability in Nigeria","authors":"Collins M Alobari, Felix N. Igbara, Barikui Tordee, Emmah Domale","doi":"10.2139/ssrn.3450951","DOIUrl":"https://doi.org/10.2139/ssrn.3450951","url":null,"abstract":"This study examined the relationship between financial performance and Microfinance sustainability, with interest on the impact of corporate governance in improving or otherwise of financial performance of microfinance banks in Nigeria. This interest was provoked by the fact that notwithstanding the introduction of corporate governance in Nigeria, there are still cases of the folding up of many microfinance institutions. Therefore, the study sought answers to: what is the relationship between financial performance and microfinance sustainability? What is the impact of board size and composition on financial performance? And what is the impact of the composition of board committees on financial performance? Using quantitative empirical method on selected microfinance banks in the South East Nigeria, the study employed the Ordinary Least Square (OLS) analysis on secondary data collected from financial reports of the selected banks for a period of thirteen (13) years (2005-2017). The study used the board of directors as the proxy for corporate governance, with Board size and composition as independent variables and Profit after Tax as dependent variables. The result shows that the link between board size and profitability does not imply board size to increase profitability as number of shareholders has negative relationship with profit before tax. Rather, the result found a positive relationship between equity of MFIs and profit after tax, which means that the higher the equity of MFIs, the higher their profitability. Therefore, the study recommends that the MFIs should concentrate more on raising share capital as well as constituting efficient boards and committees for effective corporate governance that will result in the sustainability of the MFIs.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123531177","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":"On the Dynamic Capital Structure of Nations: Theory and Empirics","authors":"James R. Barth, Y. Ni, Yanfei Sun","doi":"10.2139/ssrn.3440286","DOIUrl":"https://doi.org/10.2139/ssrn.3440286","url":null,"abstract":"We analyze the optimal capital structure of a nation from a corporate finance perspective. In particular, we draw an analogy between a nation's fiat money and corporate equity following Bolton and Huang (2018). Based on dynamic capital structure theory, we develop a stochastic model to determine the optimal combination of fiat money and foreign-currency debt used by a nation to fund its investments. The optimal capital structure of a nation depends on the trade-off between the inflation risk of fiat money and the default risk of foreign-currency debt. Introducing outstanding debt to our model sheds light on how a nation dynamically adjusts its capital structure over time. Based on an analysis of 22 emerging economies, the empirical results support our theoretical model of the capital structure of a nation.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"205 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133217461","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 Role of Capital on Islamic Bank Spin-Offs in Indonesia","authors":"M. B. Prasetyo, Rizky Luxianto, Rahmat Aryo Baskoro, Wardatul Adawiyah, Niken Iwani","doi":"10.21002/SEAM.V13I2.11179","DOIUrl":"https://doi.org/10.21002/SEAM.V13I2.11179","url":null,"abstract":"Research Aims: Some Islamic banks have experienced decreasing performance after spinning off from the parent company, and it is presumed that the amount of capital may have contributed to the decline. Hence, this paper aims to find a minimum amount of capital that Islamic banks must own after spin-offs in order to be able to compete in the market and to achieve excellent performance. Design/Methodology/Approach: We employ the OLS method for small banks (assets below Rp 5 trillion) with variable Capital as the dependent variable and Bank Performance (ROA, ROE, BOPO, and NPL) as the independent variable. We conduct several rounds of regression analysis by including different dummy variables to capture an increase in bank performance when certain capital limits are applied. Various results of the interaction between Capital and Bank Performance are mapped into the frontier line formed by the regression equation. We then compare the frontier results with the actual bank identifier to map the position of each bank relative to the frontier. We add cluster analysis to confirm the results further. Research Findings: Descriptive statistics of the small banks shows that conventional banks perform better in overall performance, efficiency and risk in comparison with the Islamic banks. Several dummy variables are set to represent the size of bank capital (Rp. 800 billion, Rp. 1 trillion, Rp. 1.2 trillion, and Rp. 1.5 trillion), and all dummy variables are significant; the corresponding coefficient reveals that the higher the capital, the better the average performance. Also, the relationship between performance and bank capital is a non-linear (quadratic) relationship that is convex, indicating that capital is not the only critical factor that contributes to the bank’s improvement. The cluster analysis partially confirms that there is a specific pattern of capital in each of the clusters. Theoretical Contribution/Originality: The result of this study is in line with some previous literature on the relationship between capital and bank performance. In banks with small capital, capital has a positive influence on bank performance but has the opposite effect after reaching a certain point. In the literature related to spin-offs in Islamic banking, th ere are only a few studies about the performance of small banks after the spin-off and even fewer (or none) that discuss the critical role of capital and its relationship with the bank’s performance after the spin-off. Our findings support previous studies conducted by Siswantoro (2014). Managerial Implications in the South East Asian Context: With the implementation of the dual banking system in several southeast Asian countries, many conventional banks have Islamic bank subsidiaries. Findings from this research could help banking regulators in the South East Asian countries to carefully re-evaluate their spin-off strategy for the unit bank, especially regarding the limit of capital requirement before the spin-off","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124107383","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 Application of Income Per Capita Desgrowth Rate (ξ-Rate) to Guatemala","authors":"Mario Arturo Ruiz Estrada, Donghyun Park","doi":"10.2139/ssrn.3428142","DOIUrl":"https://doi.org/10.2139/ssrn.3428142","url":null,"abstract":"In this paper, we introduce a new macroeconomic indicator, the Income Per Capita Desgrowth Rate (ξ-Rate). Calculation of the ξ-Rate is based on the income per capita desgrowth discount rate (Ð-Rate). Calculation of the Ð-Rate, in turn, is based on simultaneously evaluating sixteen different controlled and non-controlled events or variables. The main objective of the ξ-Rate is to monitor per capita income performance, along with all possible leakages from each controlled and non-controlled events or variables. Finally, we apply the ξ-Rate to Guatemala to analyze its economic performance between 2015 and 2019. The analysis indicates that per capita income stagnated during this period.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"52 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117313832","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":"Causality and Dynamic Relationships between Exchange Rate and Stock Market Indices in BRICS Countries: Panel/GMM and ARDL Analyses","authors":"Mourad Mroua","doi":"10.2139/ssrn.3405475","DOIUrl":"https://doi.org/10.2139/ssrn.3405475","url":null,"abstract":"\u0000Purpose\u0000This paper aims to investigate simultaneously the causality and the dynamic links between exchange rates and stock market indices. It attempts to identify the short- and long-term effect of the US dollar on major stock market indices of Brazil, Russia, India, China and South-Africa (BRICS) nations.\u0000\u0000\u0000Design/methodology/approach\u0000This paper applies a new methodology combining the panel generalized method of moments model and the panel auto-regressive distributed lag (ARDL) method to investigate the existence of a causal short-/long-run relationships and dynamic dependence among all stock market returns and exchanges rates changes of BRICS countries.\u0000\u0000\u0000Findings\u0000Results show that exchange rate changes have a significant effect on the past and the current volatility of the BRICS stock indices. Besides, ARDL estimations reveal that exchange rate movements have a significant effect on short- and long-term stocks market indices of all BRICS countries\u0000\u0000\u0000Originality/value\u0000The findings have implications for policymakers and market participants who try to manage the exchange rate will have a different dose of intervention if they know that the effects of currency depreciation are different than appreciation. These results have important implications that investors should take into account in frequency-varying exchange rates and stock returns and regulators should consider developing sound policy measures to prevent financial risk.\u0000","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124215166","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 Market of E-Commerce and Payment Systems: Rapid Growth","authors":"A. Polyakova","doi":"10.2139/ssrn.3405607","DOIUrl":"https://doi.org/10.2139/ssrn.3405607","url":null,"abstract":"In 2018, the Russian segment of e-commerce was growing on the back of domestic sales and imports. A factor of growth is the development of payment systems with banking cards becoming an integral part of the everyday life of the Russians. At the same time, there is still a considerable interregional differentiation of the role and place of non-cash settlements in servicing of the retail trade.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125137674","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":"Reactivando el Dinamismo de MERCOSUR Un Enfoque Monetario (Reactivating the Dynamism of MERCOSUR a Monetary Approach)","authors":"Jose Mora Mora, Alberto J. Hurtado, Sadcidi Zerpa de Hurtado","doi":"10.2139/ssrn.3405514","DOIUrl":"https://doi.org/10.2139/ssrn.3405514","url":null,"abstract":"Este articulo analiza desde el enfoque monetarista la propuesta de crear una nueva moneda en el Mercado Comun del Sur (MERCOSUR) como opcion para recuperar el dinamismo observado en la decada precedente. La hipotesis sugiere que la creacion de una nueva moneda es deseable si se consigue aumentar la tasa de crecimiento del producto real y disminuir la volatilidad de los precios. Los resultados obtenidos permiten concluir que la alternativa de crear e implementar una nueva moneda a nivel regional es una opcion deseable y altamente factible debido a la correlacion positiva entre los ciclos economicos y en las tasas de depreciacion de las monedas de los paises del bloque, asi como por la posibilidad de crear una institucion comunitaria responsable de la politica monetaria comun con bajo sesgo inflacionario.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129411022","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":"Effect of Personal Transfers and Exports on Economic Growth in Morocco: Econometric Analysis over the Period 1975–2017","authors":"Aziz Bensbahou, M. Lakhdar","doi":"10.2139/ssrn.3396770","DOIUrl":"https://doi.org/10.2139/ssrn.3396770","url":null,"abstract":"This study aims to examine the effect of personal transfers and exports on economic growth in Morocco using the annual data for the period (1975-2017). To deduce the nature of this effect, we tested the stationarity of the variables and the cointegration between the variables according to the Johansen method.<br><br>The cointegration test showed that there is only one cointegration relationship between the variables, which allows us to apply the error correction model. The error correction model estimation results show that the long-term relationship is more significant, and that GDP per capita responds positively to changes in exports and personal transfers. A 1% increase in personal transfers improves per capita GDP by 0,12%. Similarly, an increase in exports by one point of percentage of GDP produces an improvement in per capita GDP of 0,068%.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129293415","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 Financial Globalization on Indian Financial Market: A Case Study of Regional Rural Bank","authors":"Hemu Rathore, R. Prajapati","doi":"10.2139/ssrn.3389130","DOIUrl":"https://doi.org/10.2139/ssrn.3389130","url":null,"abstract":"The RRBs were set up in India under the RRB Act, 1976 with a view to build up the provincial economy by giving, with the end goal of improvement of agribusiness, exchange, trade, industry and other beneficial exercises in the country zones, credit and different offices especially to little and peripheral ranchers, farming workers, craftsman’s and little business people and for issues associated there with and coincidental thereto. In the underlying stages amid the 1980s, RRBs were viewed as basically taking into account the BPL populace by loaning to them towards meeting their venture needs. Yet, after the obligation waivers of the mid 1990s, the reimbursement issues of the country saving money framework started to be amplified with a consequent withdrawal in the stream of credit to little borrower accounts through the saving money framework. The recapitalization of RRBs amid 1994-2000, alongside a reorientation towards productive working reestablished the fortunes of RRBs. From there on the procedure of amalgamation which was begun in 2005 has brought about the quantity of RRBs being brought down from a pinnacle of 196 to 57 toward the finish of 31 March 2014. The researcher had made a modest attempt in this article to understand the impact of Financial Globalization on Indian financial market with the reference of Regional Rural Banks (RRBs) in the two main district of Uttar Pradesh.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128978748","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":"Premature Deindustrialization through The Lens of Occupations: Which Jobs, Why, and Where?","authors":"D. Kunst","doi":"10.2139/ssrn.3383582","DOIUrl":"https://doi.org/10.2139/ssrn.3383582","url":null,"abstract":"A recent literature documents that manufacturing employment growth in developing countries has been sluggish over the past decades, and that deindustrialization has often set in at historically low levels of income. However, there is little evidence on which kind of jobs are disappearing prematurely, and some debate on whether the phenomenon is structural or transitory. In this article, I use a new data set on manufacturing employment by occupation to document four stylized facts about `premature deindustrialization': first, it is mostly unskilled jobs that have disappeared, and also the wage premium of workers with little formal education in manufacturing relative to other industries has declined. Second, the disappearing jobs have been among the most formal-both relative to other industries, and to the manufacturing average. Third, premature deindustrialization has been driven by occupations which are intensive in tasks that are suitable to automation by information and communications technology (ICT). Fourth, the phenomenon pertains most clearly to high and middle income countries, as low income countries have been spared from premature job losses. Overall, the employment patterns are consistent with a pervasive shift of the `automation frontier' separating tasks that are automated from those which are not, and suggest a structural decrease in the ability of manufacturing to employ unskilled labor productively.","PeriodicalId":197745,"journal":{"name":"ERN: Other Emerging Markets Economics: Macroeconomic Issues & Challenges (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116678824","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}