International Journal of Economics and Financial Issues最新文献

{"title":"A Comparative Analysis between Intrinsic and Extrinsic Drivers of Inflation","authors":"T. Habanabakize, Z. Dickason-Koekemoer","doi":"10.32479/ijefi.15685","DOIUrl":"https://doi.org/10.32479/ijefi.15685","url":null,"abstract":"In most economies, particularly in developing countries, addressing inflation remains a significant macroeconomic challenge. This study seeks to examine the factors, both internal and external, that contribute to inflationary trends in South Africa. To achieve this objective, the authors employ the Johansen cointegration test, vector error correction approach, impulse response function, and variance decomposition on quarterly time series data spanning from 1994 to 2022. The findings of the study provide compelling evidence suggesting that both internal and external factors play a statistically significant role in influencing inflation. However, external forces exert a greater impact on the inflationary pressures witnessed in South Africa when compared to internal factors. Notably, factors such as trade openness, exchange rates, and imported prices contribute significantly to the elevated inflation rate in South Africa. On the other hand, internal factors like sustainable government expenditure, interest rates, and net export prices prove effective in mitigating the inflation rate.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"344 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140232774","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":"Forecasting Stock Market Realized Volatility using Random Forest and Artificial Neural Network in South Africa","authors":"Lamine Diane, Pradeep Brijlal","doi":"10.32479/ijefi.15431","DOIUrl":"https://doi.org/10.32479/ijefi.15431","url":null,"abstract":"Volatility is often used as a key input into several financial models, yet there is still no consensus on the best-performing model in forecasting stock market returns volatility. Conventional time series models such as GARCH are the preferred models in the literature. However, this project aims to first adopt two novel non-linear machine learning algorithms, namely the Random Forest and Artificial Neural Network (ANN). The project then compares the performance of these two models in predicting stock market realized volatility for the JSE Basic Material Index (JBIND) and the JSE Financials Index (JFIN) over a period of five years. Based on the results of the project, the Random Forest model outperformed the ANN model for both the JFIN and JBIND index. Lastly, the COVID effect on the model’s performance was also considered and the results show that the negative impact of COVID on the model’s performance is ambiguous.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140234252","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":"Navigating Financial Performance of the MENA Region Energy Sector: The Interplay of Working Capital and Leverage","authors":"Ahmed Elgayar, Sameh Serag, Noura Metawa","doi":"10.32479/ijefi.15877","DOIUrl":"https://doi.org/10.32479/ijefi.15877","url":null,"abstract":"This research delves into the influence of leverage considering potential outcomes within operational funds concerning the fiscal implications of the energy industry within the middle east and north Africa region. The research employed an empirical approach by collecting secondary data from the MENA region's energy sector between 2018 and 2022. To achieve this, the study formulated three hypotheses and utilized the empirical random panel data model. The investigative results affirm the validity of all three hypotheses. Additionally, they provide insights into the relationships among the variables in these hypotheses. Particularly noteworthy is the fact that certain results from the hypotheses contradict the expected theoretical impact. The article suggests that future researchers should delve into additional factors influencing firm performance, recognizing that diverse variables may yield varied outcomes. Broadening the study's scope by incorporating different timeframes and a more diverse array of firms could enhance the overall representativeness of research findings. Expanding this inquiry beyond the energy sector to encompass various industries might offer a comprehensive understanding of how working capital affects firm performance across distinct economic sectors. Subsequent empirical studies are advised to consider global health crises, political events, and other socio-economic developments in the MENA region. Examining events such as the COVID-19 pandemic and ongoing geopolitical conflicts like the Russian-Ukrainian and Israeli-Palestinian conflicts could illuminate how such incidents impact of the association among cash reserve, leverage, and company efficacy. To gain deeper insights into the causal distinctions among financial resources, and production form the company, researchers might investigate bidirectional results between each pair of variables using Granger causality tests. The findings from the present study are pertinent for energy sector companies, policymakers, and academia. Future research endeavors could focus on scrutinizing how the implications of operating funds on company procedures change when moderated by additional factors related to macroeconomics, providing practical insights for decision-makers.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"73 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140232546","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":"Analysing the Life Satisfaction of Risk-averse and Risk-loving Investors in South Africa","authors":"PA Shenjere, SJ Ferreira-Schenk","doi":"10.32479/ijefi.15440","DOIUrl":"https://doi.org/10.32479/ijefi.15440","url":null,"abstract":"Financial well-being is normally referred to as a person’s contentment with their financial situation. The level of life satisfaction among investors may vary depending on factors such as their risk tolerance and demographics. Demographic variables such as age and gender may influence an investor’s life satisfaction, which, in turn, could influence their financial decisions. Furthermore, an investor’s willingness to take risks can also affect financial decisions, ultimately influencing their life satisfaction. The objective of this paper is to identify and determine the influence of demographics and risk tolerance levels on individual investor life satisfaction. Secondary data were obtained in the private domain from an investment company that collected 1 059 from its client base. The results of this research paper indicated that there is a significant difference between the satisfaction of life of risk-averse and risk-loving investors. Risk-averse investors showed a negative relationship with life satisfaction, while risk-loving investors showed a positive relationship. This meant that the more risk-averse investors were, the lower the life satisfaction, indicating that high life satisfaction was accompanied by high risk. A significant difference was also found between life satisfaction and age and gender. Male investors were more satisfied with their lives than female investors. Older investors experienced higher levels of life satisfaction compared to investors in other age groups. As a result, these findings will make a considerable contribution to the way financial managers create investment portfolios for their clients.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"37 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140234257","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":"Nexuses between Food, Energy, and Water Consumption on Urban-Rural Income Gap in South-Eastern Asian Countries Using Difference in Difference in Modelling Technique","authors":"Khambai Khamjalas","doi":"10.32479/ijefi.15923","DOIUrl":"https://doi.org/10.32479/ijefi.15923","url":null,"abstract":"South Asian countries are still battling hunger and poverty, especially in rural areas. Empirical evidence attributes the urban-rural income gap to inadequate infrastructure, such as electricity and water supply. This article uses a difference-in-difference model to examine how emerging trends in Food, Energy, and Water (FEW) resources influence the urban-rural income gap. Using data from 2000 to 2019 from China, Indonesia, and India, the results showed that high food insecurity increases income inequality, whereas electricity supply significantly reduces the income gap. Thus, Asians should ensure a sustainable and equitable distribution of FEW resources to improve agricultural productivity and create jobs.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"63 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140234301","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":"Industry 4.0 in Finance, Digital Financial Services and Digital Financial Inclusion in Developing Countries: Opportunities, Challenges, and Possible Policy Responses","authors":"Favourate Y. Mpofu","doi":"10.32479/ijefi.15081","DOIUrl":"https://doi.org/10.32479/ijefi.15081","url":null,"abstract":"Fintech and the adoption of Fourth Industrial Revolution (industry 4.0) technologies have expanded the provision and uptake of digital financial services (DFSs) globally. Digital transformation in the financial industry intended to modify financial service provisioning by reducing the costs of accessing and challenges such as inaccessibility due to remoteness, not having a bank account, not having a credit history, or having erratic incomes. Digital financial inclusion (DFI) aims to ensure that financial services, such as deposits, payments, transfers, withdrawals, investments, accessing insurance and credit, checking account balances, receiving money, and making international remittances, are conducted conveniently, easily, safely, reliably, and affordably.  DFI focuses on ensuring access to financial services through digital channels and platforms for individuals, businesses, and households, to promote financial inclusion for all stakeholders, especially previously financially excluded groups. Through a critical review of the literature, this study explores the opportunities and challenges of DFI or the adoption and use of DFS. The review unpacks the possible benefits of using DFSs, which include the broadening financial inclusion, increasing diversity and innovation in the financial services sector, attainment of the SDGs, reduction of poverty, increased economic growth, and minimization of the gender financial inclusion gap, as well as reduction in inequalities. The constraints include the inadequacy of digital infrastructure, taxes on DFS, literacy challenges, digital exclusion, poverty and the gender divide, risks, and lack of trust in the financial services sector. The study recommends appropriate regulation and oversight, literacy enhancement initiatives, investment in digital infrastructure, and increased consumer protection as measures to improve DFI in developing countries.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"73 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140232287","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 COVID-19 on Banking Sector Returns, Profitability, and Liquidity in South Africa","authors":"Faeezah Peerbhai, Damien Kunjal","doi":"10.32479/ijefi.14950","DOIUrl":"https://doi.org/10.32479/ijefi.14950","url":null,"abstract":"The COVID-19 pandemic, which initially started as a health crisis, has had widespread economic impacts on various industries in the global economy. The banking sector, in particular, was significantly impacted by fiscal and monetary responses which were implemented to reduce the closure of several businesses and stabilize markets. Given that banks are regarded as systemically important financial institutions, this heightened uncertainty increased the possibility of a financial crisis because instabilities in the banking sector could have further detrimental effects on national and global economies. Therefore, the objective of this study was to explore the effect of the COVID-19 pandemic on the South African banking sector. To achieve this objective, the study analysed the returns, profitability, and liquidity of banks listed on the Johannesburg Stock Exchange using a panel regression approach. Together, the results of the study revealed that the profitability and liquidity of banks were negatively impacted by the COVID-19 pandemic, however, the excess bank stock returns generated by investors were not affected. These findings may serve as reference to policymakers when developing policies which regulate the banking sector in order to improve performance and ensure liquidity during periods of increased market uncertainty.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"129 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140233791","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":"Mobile Money Use, Digital Banking Services and Velocity of Money in Ghana","authors":"E. Ocansey, P. Dadzie, Nicholas Bamegne Nambie","doi":"10.32479/ijefi.15767","DOIUrl":"https://doi.org/10.32479/ijefi.15767","url":null,"abstract":"Investigating the correlation between digital financial services, mobile money usage, and money velocity in Ghana, the study analysed time series data spanning from 1992 to 2022. A composite index was constructed by principal component analysis using data extracted from the world development indicators, with the components mobile money usage, digital financial services, and velocity of money. The estimation utilised an impulse response function and vector error correction model; the results indicated that mobile money, digital financial services, and money velocity are related in both the short and long term. Furthermore, the application of a standard deviation innovation to the velocity of money produced increases of both positive and negative magnitude for all the variables. This suggests that mobile money, digital banking services, and velocity of money in Ghana are interdependent in an asymmetric manner. In order to facilitate an increase in the velocity of money, the research concluded that policymakers should guarantee that a greater proportion of the population has access to mobile money and digital banking services. In addition to promoting mobile money, online banking services, and digital payment methods on purpose, the government should reduce reliance on physical currency and expedite the circulation of money. It is recommended that future longitudinal studies involving African nations employ diverse estimation techniques.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":" 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140390359","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":"A Panel-corrected Standard Error (PCSE) Framework to Estimate Capital Structure and Banking Performance within the Tunisian Context","authors":"Manel Zidi, Helmi Hamdi","doi":"10.32479/ijefi.15793","DOIUrl":"https://doi.org/10.32479/ijefi.15793","url":null,"abstract":"\u0000\u0000\u0000The objective of this article is to empirically examine the effect of financing structure on the market share of banks, and their performance in Tunisian banks. To this end, we gathered financial statements of ten commercial banks over the period 2012-2019, and we employed the panel-corrected standard error (PCSE) regression. The empirical results show that the bank capital structure measured by the equity to total assets ratio negatively affects bank performance while the debt to total assets ratio can be a robust and positive driver of bank performance. Through this research, we recommend to Tunisian commercial banks to reduce their operating costs through a better management of their resources, and to find cheaper sources of financing such as increasing equity. We also recommend to Tunisian commercial banks to diversify further their revenues in order to enhance their performance and to generate more profits.\u0000\u0000\u0000","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"267 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140233395","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":"Pension Management Challenges and Retirement Life Experiences: A Policy Implication","authors":"Samson Adewumi","doi":"10.32479/ijefi.14777","DOIUrl":"https://doi.org/10.32479/ijefi.14777","url":null,"abstract":"Remarking on the discourse of pension management in Nigeria, scarce research attention can be traced to the understanding of pension management challenges and life after retirement experience through the prism of policy implication. To address this gap, the study assesses the pattern of pensioners’ life after retirement, the arrays of pension management challenges, and appropriate policy implications for effective pension management. A mixed-method research approach was employed. 345 retirees were randomly recruited and administered a questionnaire, and 18 purposively semi-structured interviews were conducted with the Federal Parastatals and Private Sector Pensioners Association of Nigeria. Quantitative data were analyzed with the frequency distribution and the Q-Q plot to determine the normal probability plot, while the NVivo (12) qualitative software was used for the identification of themes and sub-themes from the transcribed data. Findings revealed prolonged health challenges, poverty, and abrupt pension payment as life after retirement experiences. Verification bottleneck, poor monitoring and evaluation efforts, and administrative incompetency were issues around pension management challenges. The implication includes addressing political interference in pension management and administration, safeguarding retirees’ savings through legal commitment, and a call for employers’ contributions. The study recommends that the National Pension Commission become more responsive in its role of providing quality pension service, especially in terms of quality leadership, monitoring, and evaluation of Pension Fund Administrators.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140234393","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}