Asian Journal of Economics and Empirical Research最新文献

Examining the dynamics of risk, performance, and volatility during COVID-19: Evidence from Moroccan stock market 考察 COVID-19 期间的风险、绩效和波动动态：摩洛哥股市的证据

Asian Journal of Economics and Empirical Research Pub Date : 2024-03-21 DOI: 10.20448/ajeer.v11i1.5487

Mustapha Amzil, A. Bari, Lahoucine Asllam

{"title":"Examining the dynamics of risk, performance, and volatility during COVID-19: Evidence from Moroccan stock market","authors":"Mustapha Amzil, A. Bari, Lahoucine Asllam","doi":"10.20448/ajeer.v11i1.5487","DOIUrl":"https://doi.org/10.20448/ajeer.v11i1.5487","url":null,"abstract":"This study delves into the repercussions of the COVID-19 pandemic on the Moroccan stock market, with a specific focus on the MASI index and sectoral indices. The examination en-compasses distinct pre-COVID and during-COVID periods, shedding light on the market’s evolution, marked by unique phases and fluctuations. Notably, the MASI index experienced a significant downturn in March 2020, indicative of the pandemic’s disruptive impact on investor behavior. Despite this setback, the market showcased remarkable resilience, staging a swift recovery and surpassing pre-crisis levels by the close of 2020. This rebound can be attributed to various factors, including historically low bond yields, the initiation of vaccination campaigns, and the resumption of dividend payouts by the banking sector. Our findings bring forth a nuanced understanding of performance and risk dynamics across individual sectors. Moreover, there is a noteworthy surge in correlations between sectoral returns during the COVID-19 period, limiting diversification options for investors and exposing them to heightened risks. The volatility patterns, analyzed using GARCH models, underscore the dynamic nature of the MASI index, exhibiting stability in the pre-pandemic phase and a transient disturbance during the initial pandemic shock. This study contributes to the existing body of literature on the global financial impact of COVID-19, providing valuable insights into the Moroccan context. The results emphasize the significance of comprehending sector-specific vulnerabilities and market dynamics for both investors and policymakers. In navigating the uncertainties of the post-pandemic era, these insights offer crucial perspectives for market participants to make informed decisions and adapt optimal strategies.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":" 73","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140221080","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

Public spending and economic growth: The role of institutions in Ivory Coast 公共开支与经济增长：象牙海岸机构的作用

Asian Journal of Economics and Empirical Research Pub Date : 2024-01-17 DOI: 10.20448/ajeer.v11i1.5327

Sohalio Ouattara

{"title":"Public spending and economic growth: The role of institutions in Ivory Coast","authors":"Sohalio Ouattara","doi":"10.20448/ajeer.v11i1.5327","DOIUrl":"https://doi.org/10.20448/ajeer.v11i1.5327","url":null,"abstract":"Several studies have analysed the effects of public spending, institutions and interaction between public spending and institutions on economic activity. This existing literature has ignored the effect of institutional shocks on the relationship between public spending and economic growth. To fill this gap, the current study aims to estimate the effects of public spending, institutional factors and institutional shocks on GDP per capita in Ivory Coast. It uses annual data that covers the period 1984-2019. We exploit the principal component analysis technique to construct an institutional composite index. We then estimate two Nonlinear AutoRegressive Distributed Lag models with interaction variables such as institutional index and public spending, corruption and public spending. The empirical results reveal symmetric effects of long-run institutional and corruption shocks on GDP per capita. In contrast, the effects of institutions are asymmetric in the short term. Negative institutional shocks worsen GDP per capita in the short term, as do positive corruption shocks in the long term. Similarly, public spending promotes economic growth, but neither institutions nor corruption significantly accentuate its effects. These results imply that improving the efficiency of public spending requires a prior improvement in the institutional framework and, above all, in the fight against corruption.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"63 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139526887","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

Does financial sector development have a sustainable level of effects on inclusive growth in Sub-Saharan African countries? Evidence from dynamic panel threshold analysis 金融部门的发展对撒哈拉以南非洲国家的包容性增长是否具有可持续的影响？动态面板阈值分析的证据

Asian Journal of Economics and Empirical Research Pub Date : 2023-12-04 DOI: 10.20448/ajeer.v10i2.5196

Abiodun Sunday Olayiwola

{"title":"Does financial sector development have a sustainable level of effects on inclusive growth in Sub-Saharan African countries? Evidence from dynamic panel threshold analysis","authors":"Abiodun Sunday Olayiwola","doi":"10.20448/ajeer.v10i2.5196","DOIUrl":"https://doi.org/10.20448/ajeer.v10i2.5196","url":null,"abstract":"This study examines the threshold level of financial sector development on inclusive growth in sub-Saharan Africa (SSA) between 2000 and 2020 with the view to ascertain the level of sustainability in the relationship between financial sector development and inclusive growth in SSA countries. Data extracted from the World Development Indicator (WDI) and International Financial Statistics (IFS) were analysed using dynamic panel threshold (DPT) techniques. Findings revealed that there exists a positive and significant sustainable level of financial sector development of 0.098 (out of a scale of 0-1.0) that can stimulate inclusive growth in SSA. Likewise, findings at the sub-regional level showed that three out of four (Western, Eastern, and Central African sub-region) except the Southern African region, indicated the existence of a threshold level of financial sector development that can effectively impact inclusive growth. Therefore, this study concludes that the relationship between inclusive growth and financial sector development in most SSA countries is nonlinear and conditional on certain macroeconomic policies. It is recommended that policymakers in respective SSA sub-regions and countries implement policies that will promote relevant financial innovations, reforms, and efficiency in financial inclusion in other to promote financial development above the minimum threshold level in SSA countries.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"28 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138602750","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

South Africa’s interest rate behaviour: Investigating the influence of the indicators of financial openness 南非的利率行为：调查金融开放指标的影响

Asian Journal of Economics and Empirical Research Pub Date : 2023-11-15 DOI: 10.20448/ajeer.v10i2.5146

Nzeh, Innocent Chile, Okolie David Ogomegbunam, Okolie Jonathan Ibekwe, Izuogu Augustine Chinedu

{"title":"South Africa’s interest rate behaviour: Investigating the influence of the indicators of financial openness","authors":"Nzeh, Innocent Chile, Okolie David Ogomegbunam, Okolie Jonathan Ibekwe, Izuogu Augustine Chinedu","doi":"10.20448/ajeer.v10i2.5146","DOIUrl":"https://doi.org/10.20448/ajeer.v10i2.5146","url":null,"abstract":"This study seeks to investigate the influence of financial openness variables on South Africa’s interest rate during the period between1980-2020. The study used both Augmented Dickey-Fuller (ADF) and Philip-Perron (PP) tests to determine the order of integration of the variables, while the autoregressive distributed lag (ARDL) bounds test was used to investigate both the short and long-run impact of the independent variables on the dependent variable. The findings of the study revealed that in the short-run both foreign direct investment (FDI) inflows and FDI outflows impacted the interest rate positively. However, portfolio investment, exchange rate and capital account openness did not have any significant impact on interest rate within the duration of this research. The long-run results revealed that FDI inflows had a positive and significant impact on interest rate. Also, while capital account openness had a significant and positive impact on the interest rate, FDI outflows, portfolio investment, and the exchange rate had no significant impact on interest rate. The study concludes that apart from portfolio investment which did not exert significant impact on interest rate, other financial openness indicators used in the study had a significant impact on South Africa’s domestic interest rate. The paper argues that, appropriate monetary policy measures targeted to lessen the monetary impact of excess capital inflows should be considered. Additionally, capital account liberalization policy should be encouraged, but it needs to be regulated if it places an excessive amount of liquidity pressure on the economy.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"66 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139271144","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

Analysis of the impact of banking sector credit on the real sector 分析银行业信贷对实体部门的影响

Asian Journal of Economics and Empirical Research Pub Date : 2023-01-18 DOI: 10.20448/ajeer.v10i1.4413

S. Magaji, Ibrahim Musa

{"title":"Analysis of the impact of banking sector credit on the real sector","authors":"S. Magaji, Ibrahim Musa","doi":"10.20448/ajeer.v10i1.4413","DOIUrl":"https://doi.org/10.20448/ajeer.v10i1.4413","url":null,"abstract":"This study examines the impact of banking sector credit on Nigeria’s real sector based on data from 1986 to 2019 using the ARDL model. The bound testing result indicates that there is a long-run relationship between the variables of interest with real gross domestic product (RGDP) as the dependent variable. The result indicates that commercial bank credit (CBC) has a positive impact on RGDP in the long and short runs, which is consistent with a priori expectations. Domestic private investment (DPI) was found to have a negative and significant relationship with RGDP in the long and short runs. The estimated equations of the specified models show a significant positive relationship between government capital expenditure (GCE) and RGDP. In the short run, a significant increase in DPI, CBC, and GCE will bring about a significant increase in RGDP. The parameter estimates of DPI, CBC and GCE are statistically significant, as indicated by the t-value. The study reveals that effective utilization and distribution of bank credit to the real sector promotes economic growth. Therefore, the study recommends that there should be improved banking sector credit which will improve the output of the real sector and, in turn, boosts the economy.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126684960","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

Capital controls and capital flow volatility during global shocks: Indian experience 全球冲击期间的资本管制和资本流动波动:印度经验

Asian Journal of Economics and Empirical Research Pub Date : 2023-01-18 DOI: 10.20448/ajeer.v10i1.4414

Sujith Kumar

{"title":"Capital controls and capital flow volatility during global shocks: Indian experience","authors":"Sujith Kumar","doi":"10.20448/ajeer.v10i1.4414","DOIUrl":"https://doi.org/10.20448/ajeer.v10i1.4414","url":null,"abstract":"This paper examines the issue of capital controls in India and their effectiveness in stabilizing the capital flow volatility in the economy. It documents the evolution of the capital controls regime in India since its economic liberalization in 1991 and focuses on India’s experience with capital controls in the period leading up to the Global Financial Crisis (GFC) of 2008 until the taper tantrum aftermath in 2013. We construct a capital controls index based on data from the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). The index shows careful ease of capital controls by Indian policymakers in the financial sectors, i.e., the capital market, money market and direct investment, over the 2001–2008 period. The index further shows that the process of decontrol in the capital market stagnated during 2009–2014 due to the GFC to insulate the Indian economy from global shocks. This paper further explores the impact of capital controls in managing capital flow volatility in the context of the GFC. Using the tobit estimation approach, we show that capital controls effectively reduce capital flow volatility in the pre-GFC period followed by a limited impact post-GFC. This complements the capital account liberalization process during pre-GFC period. Our findings support India’s prudent approach to capital account management as financial markets evolve to manage risk efficiently in a large economy.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127936712","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

Growth effects of government expenditure in Nigeria: Does the level of corruption matter? 尼日利亚政府支出的增长效应:腐败程度重要吗?

Asian Journal of Economics and Empirical Research Pub Date : 2023-01-12 DOI: 10.20448/ajeer.v10i1.4406

I. Iliyasu, I. Muhammed

{"title":"Growth effects of government expenditure in Nigeria: Does the level of corruption matter?","authors":"I. Iliyasu, I. Muhammed","doi":"10.20448/ajeer.v10i1.4406","DOIUrl":"https://doi.org/10.20448/ajeer.v10i1.4406","url":null,"abstract":"A strand of literature suggests that an efficient government can complement private capital formation and boost the overall productivity of private economic agents. Nigeria has experienced uneven growth performance in the last three decades despite growing government expenditure. This paper carried out an empirical analysis of direct and indirect links among growth, government expenditure and corruption in Nigeria using annual time series data for the period from 1990 to 2020. The autoregressive distributed lag (ARDL) model was used to explore the long-run interacting effect of corruption on the nexus between growth and government expenditure. For the robustness check, the fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) were used as alternative techniques of estimation. Directly, an increase in government expenditure and a reduction in corruption has a significant increasing effect in the short-term and long-term growth. Indirectly, reducing corruption enhances the increasing effect of government expenditure on economic growth. However, corruption reduction up to the 42.25 threshold and beyond diminishes the increasing effect of government expenditure on economic growth. This suggests that attaining sustained growth is possible by raising government expenditure and minimizing corruption. Thus, minimizing corruption associated with expenditure policy should be a top policy priority.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114231894","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

The Origins and Dynamics of Inflation in Turkey: An SVAR Approach 土耳其通货膨胀的起源和动态:SVAR方法

Asian Journal of Economics and Empirical Research Pub Date : 2022-11-03 DOI: 10.20448/ajeer.v9i2.4262

Emel Siklar, I. Siklar

{"title":"The Origins and Dynamics of Inflation in Turkey: An SVAR Approach","authors":"Emel Siklar, I. Siklar","doi":"10.20448/ajeer.v9i2.4262","DOIUrl":"https://doi.org/10.20448/ajeer.v9i2.4262","url":null,"abstract":"This study aims to present empirical evidence on the relative importance of supply and demand-side factors in determining the fluctuations in the general level of prices in the Turkish economy. The employed strategy uses the view that supply and demand pressures can be distinguished from each other depending on the direction of their effects on price and quantity. After classifying the related economic variables as supply, demand, and common factors, the main determinants of domestic supply and demand were estimated econometrically using sample data from 2003:1–2021:4, and their relative contribution to inflation was calculated. By using these basic determinants, the estimated structural vector autoregressive (SVAR) model shows that the pressures arising from the supply side are more dominant than the pressures of the demand side on the inflationary process in Turkey. The results indicate that the methodology suggested in this study will be useful in separating the factors that contribute to inflation, which has recently gotten out of control in Turkey and is gradually moving away from the targeted inflation. Policymakers considering these findings can reach optimal decisions in conducting the monetary policy toward the targeted level of inflation.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"35 9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125727720","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

Specialist CEOs versus Generalist CEOs: CEO Type and Firm Performance Following Initial Public Offerings on the Chinese Market 专才型CEO与通才型CEO:中国市场首次公开募股后CEO类型与公司业绩

Asian Journal of Economics and Empirical Research Pub Date : 2022-11-02 DOI: 10.20448/ajeer.v9i2.4260

W. Hua

{"title":"Specialist CEOs versus Generalist CEOs: CEO Type and Firm Performance Following Initial Public Offerings on the Chinese Market","authors":"W. Hua","doi":"10.20448/ajeer.v9i2.4260","DOIUrl":"https://doi.org/10.20448/ajeer.v9i2.4260","url":null,"abstract":"This study focuses on the effect of Chief Executive Officer (CEO)-level characteristics on a firm’s survival following initial public offerings (IPOs). Specifically, it looks at the impact of generalist CEOs between July 2009 and July 2021 on the likelihood of firm failure and IPO survival. This study uses principal component analysis to create a generalist skills index based on CEO work experience, including the number of roles that the CEO has held, the number of firms in which the CEO has worked, the number of industries in which the CEO has worked, whether the CEO has taken a CEO position in other firms, whether the CEO has worked in a conglomerate, and whether the CEO holds a professional title. The results of the Cox proportional hazards model reveal that companies with a generalist CEO have a higher probability of failing than companies with a specialist CEO, which suggests that generalist CEOs pursue higher salaries and higher reputations through switching between different industries and firms. Performance-related compensation and CEO turnover in companies with generalist CEOs explain the higher probability of firm failure. The main results still hold after controlling for CEO power, board and firm characteristics, and testing using the logit model. This research on the connection between generalist CEOs and a firm’s failure risk also offers insight into a company's CEO hiring choice and job market activities.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122801404","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

Financial Exclusion and Poverty Reduction in Benin 贝宁的金融排斥与减贫

Asian Journal of Economics and Empirical Research Pub Date : 2022-09-13 DOI: 10.20448/ajeer.v9i2.4146

Medard Attoukou, Karim Nchare

引用次数: 0