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Inflation and financial development in sub-Saharan Africa 撒哈拉以南非洲的通货膨胀和金融发展
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2233085b
W. Bandura, Temitope L. A. Leshoro
{"title":"Inflation and financial development in sub-Saharan Africa","authors":"W. Bandura, Temitope L. A. Leshoro","doi":"10.2298/eka2233085b","DOIUrl":"https://doi.org/10.2298/eka2233085b","url":null,"abstract":"This paper analyses the relationship between inflation and financial development in sub-Saharan Africa. This issue is important because the level beyond which the inflation rate affects financial development in sub-Saharan Africa is not known, despite the underdeveloped financial system in the region. This paper presents a model in which inflation is endogenously determined, and uses a dynamic panel threshold approach which takes this factor into consideration to ensure improved results. The pure cross-section method and non-dynamic panel threshold approaches were also utilised. Strong evidence of a negative impact of inflation on financial development is obtained, which increases with a rise in inflation. An average inflation threshold of about 5% is established, below which a positive impact on financial development is found. There is, however, a negative relationship beyond the observed threshold. The paper provides policy recommendations as to how authorities should contain inflation to facilitate financial sector development in the region.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477426","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}
引用次数: 0
Uncertainty and bank funding liquidity risk in Vietnam 越南的不确定性与银行资金流动性风险
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2234029d
V. Dang, H. Nguyen
{"title":"Uncertainty and bank funding liquidity risk in Vietnam","authors":"V. Dang, H. Nguyen","doi":"10.2298/eka2234029d","DOIUrl":"https://doi.org/10.2298/eka2234029d","url":null,"abstract":"This paper examines the impact of uncertainty on bank funding liquidity risk. Based on a sample of Vietnamese commercial banks from 2007 to 2019, we show evidence that micro uncertainty in the banking sector leads to higher funding liquidity risk, as proxied by lower deposit ratios. Additional analyses reveal that this nexus widely depends on bank heterogeneity. More precisely, various bank-specific forces that improve banks? financial strength (i.e., an increase in bank return, loan quality, capitalization, liquid assets, and bank size) tend to mitigate the adverse impact of uncertainty on bank funding liquidity risk. Our findings are robust to changes in multiple combinations of regressors, different key bank-level variables to calculate the dispersion of shocks as banking uncertainty measures, and alternative econometric approaches.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477111","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}
引用次数: 1
Complementary funded pensions and economic growth: Theoretical and empirical evidence using an overlapping generations model applied to the case of Tunisia 补偿性基金养老金与经济增长:使用适用于突尼斯案例的世代重叠模型的理论和经验证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2131059c
Houyem Chekki Cherni
{"title":"Complementary funded pensions and economic growth: Theoretical and empirical evidence using an overlapping generations model applied to the case of Tunisia","authors":"Houyem Chekki Cherni","doi":"10.2298/eka2131059c","DOIUrl":"https://doi.org/10.2298/eka2131059c","url":null,"abstract":"This paper presents a prospective analysis to guide effective pension reform. Using an overlapping generations model with differing returns on free savings and compulsory returns on funded pensions, we put into perspective the results largely supported in the economic literature that assume that replacing a pay-as-you-go pension scheme by funded plans boosts economic growth. We show that this reform is not necessarily synonymous with economic growth due to a crowding-out effect. Our contribution is not limited to theoretical results: we also assess the impacts empirically. Thus, we extend the theoretical model to take into account several periods and 55 generations. Simulation results, using a dynamic overlapping generations computable general equilibrium model calibrated for the Tunisian case, indicate that whether pension reform promotes capital accumulation and economic growth depends on the rate of return on funded pension savings relative to free savings.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476621","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}
引用次数: 0
The role of foreign banks in the transmission of monetary policy: Empirical evidence from Tunisia 外国银行在货币政策传导中的作用:来自突尼斯的经验证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/EKA2128101G
Mohamed Sadok, K. Ben-Ahmed
{"title":"The role of foreign banks in the transmission of monetary policy: Empirical evidence from Tunisia","authors":"Mohamed Sadok, K. Ben-Ahmed","doi":"10.2298/EKA2128101G","DOIUrl":"https://doi.org/10.2298/EKA2128101G","url":null,"abstract":"This paper presents an empirical analysis of the effect of monetary policy shocks on credit supply in Tunisia, using a vector autoregressive model and a nonlinear interactive model. The focus is on the magnitude of these shocks in the presence of foreign banks. The variables of interest are the concentration index of deposit banks, and monetary policy shocks based on the monthly data of 27 universal and business banks covering the period 1993 to 2016. The results support a positive and significant impact of concentration index on credit supply. However, monetary policy shocks appear to have no significant effect when the market is concentrated with the entry of foreign banks. The findings of this study also reveal that the entry of foreign banks neutralises monetary policy shock transmission in the credit supply, which may be offset by market discipline.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476730","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}
引用次数: 0
Patterns and determinants of intra-industry trade in agri-food products between Bosnia and Herzegovina and CEFTA 2006 2006年波斯尼亚和黑塞哥维那与中欧自由贸易协定之间农产品产业内贸易的模式和决定因素
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2129007b
S. Brkić, Radovan Kastratović, Mirela Abidovic-Salkica
{"title":"Patterns and determinants of intra-industry trade in agri-food products between Bosnia and Herzegovina and CEFTA 2006","authors":"S. Brkić, Radovan Kastratović, Mirela Abidovic-Salkica","doi":"10.2298/eka2129007b","DOIUrl":"https://doi.org/10.2298/eka2129007b","url":null,"abstract":"The paper aims to identify patterns and country-specific determinants of intra-industry trade (IIT) in agri-food products between Bosnia and Herzegovina (BiH) and other CEFTA 2006 parties in the period 2008-2018. The purpose of the paper is to contribute to filling the gap in the empirical literature on IIT of the South East European countries, especially in regard to non-manufacturing sectors. To investigate IIT intensity and structure the analysis employed Grubel- Lloyd indices and GHM methodology based on relative unit values. In order to examine the impact of various determinants on IIT in agri-food products, a random-effects Heckman selection model was estimated, following a sector-level approach in the analysis. The analysis indicates a lower level of IIT than expected and a strong dominance of its vertical type in all BiH bilateral relations within CEFTA 2006. The empirical results also suggest that the major determinants positively affecting IIT in agri-food products include the size of the trading economies, the similarity in their ethnic structure, membership in the common regional trade agreement, and common borders. By contrast, the results indicate that IIT is negatively affected by differences between the trading economies in terms of productivity and gross domestic product per capita.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476796","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}
引用次数: 0
Remittances and health outcomes in Sub-Saharan African countries: Understanding the role of financial development and institutional quality 撒哈拉以南非洲国家的汇款和健康成果:了解金融发展和机构质量的作用
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2129119b
Uweis Bare Abdulahi, Yasmin Bani, Normaz Wana, Anitha Rosland
{"title":"Remittances and health outcomes in Sub-Saharan African countries: Understanding the role of financial development and institutional quality","authors":"Uweis Bare Abdulahi, Yasmin Bani, Normaz Wana, Anitha Rosland","doi":"10.2298/eka2129119b","DOIUrl":"https://doi.org/10.2298/eka2129119b","url":null,"abstract":"Sub-Saharan Africa (SSA) is one of the highest recipients of remittances; however, this is inconsistent with the region?s growth and the state of its weak healthcare systems. This paper therefore analyses the effect of remittances on health outcomes for 39 selected SSA countries over the period 1996 to 2016. It considers the channels through which remittances affect health outcomes, including financial development and institutional quality. Using dynamic panel estimation, we find that remittances sustain health outcomes, while both financial development and institutional quality complement remittances in this respect. SSA countries should therefore continue to improve their financial sectors and develop the quality of institutions to an adequate level. Achieving sound financial systems and institutions would both allow and attract a substantial amount of remittances, benefitting human capital and health outcomes and alleviating poverty.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476880","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}
引用次数: 2
The neutrality of taxation of investment projects in Serbia 塞尔维亚投资项目税收的中立性
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2130101l
Stevan Luković, Stefan Vržina, M. Grbić, M. Pjanić
{"title":"The neutrality of taxation of investment projects in Serbia","authors":"Stevan Luković, Stefan Vržina, M. Grbić, M. Pjanić","doi":"10.2298/eka2130101l","DOIUrl":"https://doi.org/10.2298/eka2130101l","url":null,"abstract":"The paper analyses the neutrality of taxation of investment projects on the example of Serbia. The aim of the research is to confirm/reject the existence of uniformity of the tax burden on investment projects that differ regarding the asset type, industry and the source of finance. The uniformity of tax burden, that is, the absence of discrimination and distortive effects of taxation, may be considered a confirmation of the tax neutrality. To investigate neutrality of taxation the analysis employed King-Fullerton framework of calculating effective marginal tax rates. The research results show that the tax treatment of investment projects in Serbia is nondiscriminatory. Marginal effective tax rates for different types of investment projects do not vary widely; that is, there are no investment projects that have a markedly favourable (unfavourable) tax treatment compared to the other types of investment projects.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476944","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}
引用次数: 2
A neoclassical growth model with endogenous birth and mortality rates 具有内生出生率和死亡率的新古典增长模型
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2131099z
Wei-bin Zhang
{"title":"A neoclassical growth model with endogenous birth and mortality rates","authors":"Wei-bin Zhang","doi":"10.2298/eka2131099z","DOIUrl":"https://doi.org/10.2298/eka2131099z","url":null,"abstract":"This study examines dynamic interdependence between different socio-cultural groups? birth rates, mortality rates, populations, wealth accumulation, and the allocation of time between work, leisure, and childcare. It emphasises the role of changes in human capital, technology, and preferences on birth and mortality rates and time allocations. The economic mechanism of wealth and income distribution is based on the Walrasian general equilibrium theory, and wealth accumulation is based on the Solow growth model. The paper uses a utility function proposed by Zhang (2015) to describe the behaviour of households. It also models group and gender differences in human capital, the propensity to have children, the propensity to use leisure time, and the efficiency of childcare. The paper uses differential equations to describe the dynamics of group differences in wealth, income, birth rates, mortality rates, and populations. I simulate a model to show the motion of the system and identify the existence of an equilibrium point. I also examine the effects on the dynamics of the economic system of changes in the propensity to have children and the propensity to save, and in gender differences in the propensity to use leisure, in human capital, and in emotional involvement in childcare.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476634","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}
引用次数: 0
Employee reactions to crossborder acquisitions: Evidence from an acquired Serbian company 员工对跨国收购的反应:来自一家被收购的塞尔维亚公司的证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/EKA2128043S
Sladjana Savovic
{"title":"Employee reactions to crossborder acquisitions: Evidence from an acquired Serbian company","authors":"Sladjana Savovic","doi":"10.2298/EKA2128043S","DOIUrl":"https://doi.org/10.2298/EKA2128043S","url":null,"abstract":"The purpose of this paper is to examine factors influencing employee reactions to changes brought about by crossborder acquisitions. The research was conducted in a company operating in Serbia?s retail sector that was acquired by a Belgian multinational company. The data were collected from 344 respondents. Measures of central tendency, the Mann-Whitney U test, and regression analysis were used to test the research hypotheses. The research results show that employee reactions to changes brought by cross-border acquisition were generally positive. The study show that corporate cultural differences between the acquiring company and the acquired company and the support of transformational leaders resulted in employees reacting positively to the changes. The study attempts to improve understanding of employee reactions during the process of change occurring as a result of cross-border acquisition. Additionally, this study has practical implications, as it points to how the appropriate management of human resources contributes to positive employee reactions.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476663","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}
引用次数: 0
The correlation between stock returns before and after analyst recommendation revisions 分析师建议修正前后股票收益的相关性
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/EKA2128069K
A. Kudryavtsev
{"title":"The correlation between stock returns before and after analyst recommendation revisions","authors":"A. Kudryavtsev","doi":"10.2298/EKA2128069K","DOIUrl":"https://doi.org/10.2298/EKA2128069K","url":null,"abstract":"In this study I analyse the correlation between stock returns before and after analyst recommendation revisions. I hypothesise that if a recommendation revision for a given stock takes place after a short period when the stock?s price moves in the opposite direction, it may indicate that the fundamentals that caused the analyst to revise their recommendation are less completely (if at all) incorporated in the stock price, significantly increasing the probability of subsequent post-event price drift. Analysing a large sample of recommendation revisions, I document that both recommendation upgrades and downgrades are followed by significant one-tosix-month price drifts (reversals) if they are preceded by the opposite-sign (same-sign) short-term cumulative abnormal returns. The effect remains significant after accounting for additional relevant company specific (size, Market Model beta, historical volatility) and event-specific (stock?s return and trading volume on the event day, brokerage firm size, analyst experience, recommendation category before the revision, number of categories changed in the revision) factors.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476679","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}
引用次数: 3
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