Review of Middle East Economics and Finance最新文献

Perceptions of Stakeholders on the Financial and Economic Crisis in Lebanon: An In-depth Analysis 利益相关者对黎巴嫩金融和经济危机的看法：深入分析

Review of Middle East Economics and Finance Pub Date : 2024-07-19 DOI: 10.1515/rmeef-2023-0014

Leila Uwaydah, Ali Kassir

{"title":"Perceptions of Stakeholders on the Financial and Economic Crisis in Lebanon: An In-depth Analysis","authors":"Leila Uwaydah, Ali Kassir","doi":"10.1515/rmeef-2023-0014","DOIUrl":"https://doi.org/10.1515/rmeef-2023-0014","url":null,"abstract":"\u0000 This study examines Lebanon’s enduring financial and economic crisis, exacerbated by economic challenges, the COVID-19 pandemic, and the Port of Beirut explosion. With over 80 % currency devaluation due to sovereign debt default, the crisis has intensified poverty and unemployment, compounded by political turmoil. Using survey data from 178 stakeholders, experts, and academics, this research explores the intricate drivers of Lebanon’s crisis and offers insights for policymakers. Employing quantitative methods, it uncovers the intertwined role of financial mismanagement, government failures, mounting public debt, financial engineering techniques, and political instability in driving the crisis. Recommendations emphasize prudent financial practices, sound governance, and policy interventions. This study sheds light on Lebanon’s complex financial and economic challenges with data-backed perspectives from diverse stakeholders, providing valuable insights for management practitioners and scholars navigating crises in tumultuous environments. It aims to contribute to the management discourse, equipping stakeholders with actionable strategies for addressing and preventing similar crises. It also explores the interplay between stakeholder perspectives and the determinants of the financial crisis in Lebanon. It delves into the interconnected nature of the crisis and demonstrates how stakeholders from various sectors and backgrounds mirror the factors identified in the literature.","PeriodicalId":357459,"journal":{"name":"Review of Middle East Economics and Finance","volume":" 855","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141823471","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 Influence of Anchoring and Overconfidence on Investment Decision-Making in the Saudi Stock Market: A Moderated Mediation Model 锚定和过度自信对沙特股市投资决策的影响：调节中介模型

Review of Middle East Economics and Finance Pub Date : 2024-04-24 DOI: 10.1515/rmeef-2023-0015

Naseem Al Rahahleh

{"title":"The Influence of Anchoring and Overconfidence on Investment Decision-Making in the Saudi Stock Market: A Moderated Mediation Model","authors":"Naseem Al Rahahleh","doi":"10.1515/rmeef-2023-0015","DOIUrl":"https://doi.org/10.1515/rmeef-2023-0015","url":null,"abstract":"\u0000 This research sheds light on the relationships between heuristic biases and investment decisions as demonstrated by Saudi investors by establishing a mediating role for investor overconfidence in the relationship between anchoring heuristics and investment decision-making. The first to present evidence for this role, the study takes into account specific types of investment decisions – i.e. decisions to buy, sell, and engage in frequent trading. Based on a sample of 598 responses, empirical evidence is presented to show that anchoring directly increases the extent to which investment decisions are irrational and also does so indirectly through its impact on overconfidence. Given that this is the case, investors would be well-advised to critically assess the influence on their investment decision-making of overconfidence, which may, in turn, be rooted in deep-seated biases such as anchoring. Further, the potential moderating effect of trading frequency on overconfidence and investment decisions is examined and a moderated mediation model presented to elucidate the relationship between anchoring bias and investment decisions. The findings underscore the importance of understanding these biases and taking a scientific approach to trading, including by engaging in infrequent trading, to producing more rational investment decisions. Put differently, the study highlights the benefit of infrequent over frequent trading: Compared to those who trade less frequently, investors who trade more frequently are more susceptible to overconfidence and anchoring biases.","PeriodicalId":357459,"journal":{"name":"Review of Middle East Economics and Finance","volume":"45 16","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140663038","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 Impact of Remittance Inflows on Inflation: The Case of Lebanon 汇款流入对通货膨胀的影响：黎巴嫩案例

Review of Middle East Economics and Finance Pub Date : 2024-04-19 DOI: 10.1515/rmeef-2024-0006

Sara Kassab

引用次数: 0

How do Financial Development and Stability Shape Human Development? 金融发展与稳定如何影响人类发展？

Review of Middle East Economics and Finance Pub Date : 2024-04-04 DOI: 10.1515/rmeef-2023-0020

Ali Awdeh, Rima Assaf, Fadi Ghosn

{"title":"How do Financial Development and Stability Shape Human Development?","authors":"Ali Awdeh, Rima Assaf, Fadi Ghosn","doi":"10.1515/rmeef-2023-0020","DOIUrl":"https://doi.org/10.1515/rmeef-2023-0020","url":null,"abstract":"\u0000 The crucial role of financial systems in sustainable development has become the center of global and national interest and development strategies, and more developed and stable financial systems are the cornerstone for development finance and achieving the sustainable development goals. This research aims to examine the impact of financial development and stability on human development firstly in a sample of 185 countries worldwide, and secondly in a sample of 21 MENA countries, over the period 1990–2019. This study adopts the Panel Data Econometrics (Fixed Effects and Random Effects Methods) and proxy for human development by exploiting the UNDP’s Human Development Index and its three subindices (Education, Income, and Life expectancy), while it adopts broad money, credit to the domestic private sector, and banking sector deposits (all as a percentage of GDP) to proxy for financial development. Moreover, it represents financial stability by the banking sector Z-score and a dummy variable representing crises. The empirical results reveal the prevailing role of development and stability in the financial systems on human development and its three subcomponents, regardless of the country’s economic development level.","PeriodicalId":357459,"journal":{"name":"Review of Middle East Economics and Finance","volume":"31 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140741992","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

Democracy, Corruption and Economic Growth Post-Arab Spring in Tunisia and Libya 突尼斯和利比亚 "阿拉伯之春 "后的民主、腐败与经济增长

Review of Middle East Economics and Finance Pub Date : 2023-12-25 DOI: 10.1515/rmeef-2023-0010

Abdalla Muktad

引用次数: 0

Gender Differences in Business Record Keeping and Planning: Evidence from Informal Enterprises in Iraq 商业记录保存和规划中的性别差异：伊拉克非正规企业的证据

Review of Middle East Economics and Finance Pub Date : 2023-12-21 DOI: 10.1515/rmeef-2023-0017

Hassan F. Gholipour, John W. Goodell, Iman Cheratian, Saleh Goltabar, Oumaima Lahmar

引用次数: 0

What Drives Business Cycles in Egypt? An Analysis of Coincident and Leading Indicators 是什么驱动了埃及的商业周期?同步指标和先行指标分析

Review of Middle East Economics and Finance Pub Date : 2023-04-01 DOI: 10.1515/rmeef-2022-0015

N. Hegazi, Diaa Noureldin, Chahir Zaki

{"title":"What Drives Business Cycles in Egypt? An Analysis of Coincident and Leading Indicators","authors":"N. Hegazi, Diaa Noureldin, Chahir Zaki","doi":"10.1515/rmeef-2022-0015","DOIUrl":"https://doi.org/10.1515/rmeef-2022-0015","url":null,"abstract":"Abstract The paper proposes a chronology for the Egyptian economy by detecting phases of expansions and recessions during the period (2002–2019). It examines the cyclical behavior of variables that are considered potentially useful in measuring or predicting aggregate economic activity. To do so, we combine the National Bureau of Economic Research (NBER) approach together with time series analysis techniques to select the variables best suitable to play the role of coincident and leading indicators. This methodology is found to be the most appropriate when there is no well-established reference chronology as a benchmark for the cyclical analysis, which is the case of Egypt. As a result, two composite indexes are constructed: 1) the composite index of coincident economic indicators (CEI), which can be considered an adequate measure for the Egyptian business cycle; 2) the composite index of leading economic indicators (LEI) that shows good performance in anticipating aggregate economic activity in Egypt. Moreover, the empirical results indicate that total employment, consumption, and investment move coincidently with the reference cycle, while exchange rate and interest rate variables lead the reference cycle and have strong predictive power for economic activity in Egypt.","PeriodicalId":357459,"journal":{"name":"Review of Middle East Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127619357","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

Collateral Reforms and Access to Finance: Evidence from the West Bank and Gaza and Their Firms 抵押品改革和融资渠道:来自西岸和加沙及其公司的证据

Review of Middle East Economics and Finance Pub Date : 2023-03-01 DOI: 10.1515/rmeef-2022-0019

Zachary Hrenko, J. Nugent

{"title":"Collateral Reforms and Access to Finance: Evidence from the West Bank and Gaza and Their Firms","authors":"Zachary Hrenko, J. Nugent","doi":"10.1515/rmeef-2022-0019","DOIUrl":"https://doi.org/10.1515/rmeef-2022-0019","url":null,"abstract":"Abstract This paper examines the impact of an important financial reform, namely a collateral reform extending the assets, which could qualify as collateral for bank loans to the firms’ own equipment and moveable assets, so as to increase the access to such credit by small private firms. The reform studied was undertaken in the Palestinian territories of West Bank and Gaza (WBG) in the Middle East and North Africa (MENA) region where bank credit and financial markets have been especially heavily constrained. First, we apply two different synthetic control techniques to panel data covering both pre- and postreform years from both the WBG and a sample of comparable countries that did not undertake collateral reform. The results from both synthetic control methods show that such credit increased significantly after the reform in WBG but not in the nonreformed comparator countries. Then, we use comparable firm-level data obtained from a panel of all available firms in WBG from the Enterprise Survey of the World Bank, both 3 years before and 3 years after the reform to trace the impacts of the reform on various financial and other outcomes at the firm level. Despite the other difficulties that WBG was going through over the period, we find considerable evidence at the firm level that this collateral reform has been effective in stimulating credit, investment, and employment growth, especially among small firms, underscoring its potential for use by other low- and middle-income countries.","PeriodicalId":357459,"journal":{"name":"Review of Middle East Economics and Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121279356","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

COVID-19 Impact and Policy Response: A General Equilibrium Approach for Egypt 2019冠状病毒病的影响和政策应对:埃及的一般均衡方法

Review of Middle East Economics and Finance Pub Date : 2022-12-01 DOI: 10.1515/rmeef-2022-0004

City Eldeep, Chahir Zaki

{"title":"COVID-19 Impact and Policy Response: A General Equilibrium Approach for Egypt","authors":"City Eldeep, Chahir Zaki","doi":"10.1515/rmeef-2022-0004","DOIUrl":"https://doi.org/10.1515/rmeef-2022-0004","url":null,"abstract":"Abstract The economic impacts of COVID-19 were negative across nations but with different degrees depending on the timing, degree of containment measures and the extent of dependency on the world economy. Moreover, the policy response has been heterogeneous across different countries, but mainly addressing urgent and short-term problems without addressing the structural problems that led to the vulnerability of these countries in crisis times. Thus, the objective of this paper is threefold. First, it distinguishes between the supply and demand effects of COVID-19. Second, we examine the key differences between the short and long terms effects of the policies that were adopted. Finally, we modify the model to include the informal labor that was highly affected by the pandemic, and we relax the assumption of perfect competition and replicate the simulations under an imperfect competitive framework in order to see how reforms pertaining to competition policies can alter the adopted policies. To do so, we use a dynamic CGE model calibrated on the Egyptian Social Accounting Matrix of 2014/2015. Our findings show how the Egyptian economy has been relatively vulnerable to external shocks that affect its sources of foreign currency. Yet, most of the effects are temporary and vanish in the long run. Imperfect competition in commodity markets would increase the adverse effects of the pandemic and undermine the effectiveness of public policies.","PeriodicalId":357459,"journal":{"name":"Review of Middle East Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132453631","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

Interbank Connections, Bank Risk and Returns 银行同业联系、银行风险与收益

Review of Middle East Economics and Finance Pub Date : 2022-12-01 DOI: 10.1515/rmeef-2021-0024

Abdullatif Albinali, Saibal Ghosh

引用次数: 0