Staff Studies最新文献_第2页

Effect of Government Bailouts on the Bank Performance and Risk Taking within Bailed out Banks 政府救助对银行绩效和风险承担的影响

Staff Studies Pub Date : 2019-06-30 DOI: 10.4038/ss.v49i1.4715

T. Jayasinghe

引用次数: 0

Is Public Debt Harmful Towards Economic Growth? New Evidence from Sri Lanka 公共债务对经济增长有害吗?来自斯里兰卡的新证据

Staff Studies Pub Date : 2019-06-30 DOI: 10.4038/ss.v49i1.4716

Thilak Ranjeewa Priyadarshana

引用次数: 1

A Measurement of financial Inclusion -Index Development and its Relationships 普惠金融的测度——指标发展及其关系

Staff Studies Pub Date : 2018-12-31 DOI: 10.4038/SS.V47I2.4705

Vathsalya Weligama

{"title":"A Measurement of financial Inclusion -Index Development and its Relationships","authors":"Vathsalya Weligama","doi":"10.4038/SS.V47I2.4705","DOIUrl":"https://doi.org/10.4038/SS.V47I2.4705","url":null,"abstract":"The aim of this study is to develop a composite index for financial inclusion. It is a multi-dimensional index as financial inclusion is based on many different aspects of financial systems. This study is an effort to develop a more appropriate, significant and accurate index using more indicators of financial inclusion. The index is developed using indicators on bank accounts, bank branches, number of ATMs, number of POS terminals, number of credit cards, number of debit cards, borrowings, savings, credit purchases, deposits, withdrawals, credit card usage, debit card usage, internet usage and mobile usage for transactions. This study is carried out with the objective of improving the number of variables and assigning weights for the variables methodologically. Accordingly, the composite index for financial inclusion is developed by using the correlation matrix of the variables to derive the weights and then taking the arithmetic mean of the dimensions. The results of the index developed are compared with the countries’ income classification, literacy rate, Gini coefficient and the OECD country representation. The analysis shows that the index is developed with more relevant indicators or that the variables well represent the countries’ financial inclusion. This index can be used as an indication of the country’s financial inclusion and will give a better representation of the financial inclusion ranking of the country and hence, can be used to measure the development of financial inclusion of a country.","PeriodicalId":362386,"journal":{"name":"Staff Studies","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131193450","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

Real Effective Exchange Rate and Export Performance: The Case of Sri Lanka 实际有效汇率与出口实绩:以斯里兰卡为例

Staff Studies Pub Date : 2018-12-31 DOI: 10.4038/SS.V47I2.4706

S. D. N. Chamindani

引用次数: 0

Effect of Exchange Rate Volatility on Sri Lanka's Inbound Tourist Flow 汇率波动对斯里兰卡入境旅游流量的影响

Staff Studies Pub Date : 2018-12-28 DOI: 10.4038/ss.v48i2.4712

G. Rathnayake

{"title":"Effect of Exchange Rate Volatility on Sri Lanka's Inbound Tourist Flow","authors":"G. Rathnayake","doi":"10.4038/ss.v48i2.4712","DOIUrl":"https://doi.org/10.4038/ss.v48i2.4712","url":null,"abstract":"This paper investigates effects of exchange rate volatility on Sri Lanka's inbound tourism using monthly data on tourist arrivals, exchange rate and other related variables from 1990 to 2016. An Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH) model is used to generate a measure of exchange rate volatility. This is then incorporated in a tourism demand model to test its impact on tourist flows into the country. The empirical methodology depends on the theory of cointegration and error correction representation. The results reveal that there are significant negative short run and long run effects of exchange rate volatility on tourist flows to Sri Lanka. Further, it suggests that the Sri Lankan tourism product is a luxury good, having high income elasticity. In addition, tourism related inflation has a significant negative impact on the growth in tourist arrivals in the short run. However, in the long run, a reduction in price sensitivity is observed. Moreover, results highlight the significant positive impact of habit persistence or/and word of mouth recommendation in increasing tourist flows to Sri Lanka. It further reveals the importance of maintaining a conducive economic, political and social environment to increase the demand for Sri Lankan tourism.","PeriodicalId":362386,"journal":{"name":"Staff Studies","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121421390","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 Board Structure on Bank Performance: Evidence from European Banks 董事会结构对银行绩效的影响:来自欧洲银行的证据

Staff Studies Pub Date : 2018-12-28 DOI: 10.4038/ss.v48i2.4713

Shamini Abeysirigunawardana

{"title":"The Impact of Board Structure on Bank Performance: Evidence from European Banks","authors":"Shamini Abeysirigunawardana","doi":"10.4038/ss.v48i2.4713","DOIUrl":"https://doi.org/10.4038/ss.v48i2.4713","url":null,"abstract":"This study aims to investigate whether board characteristics of banking institutions affect their performance, using a panel data set comprising 45 banks and 270 bank-year observations in the European region over the period of 2010-2015. The study finds that there is a positive relationship between both the board size and the proportion of independent directors, and bank performance. Also, the study finds evidence that the gender diversity decreases bank performance. Interestingly, when it is tested for the presence of a non-linear relationship, the study finds an inverted U-shape relationship between both the board size and the proportion of independent directors, and the bank performance and a U-shape relationship between gender diversity and bank performance. The results show that the boards that are larger and not excessively independent are more effective in discharging their duties. Achieving the optimum mix of internal and external directors will result in the board becoming more efficient in their advisory and monitoring roles. Also, results shows that appointing female directors above a minimum threshold will improve bank performance, a finding that is consistent with the critical mass theory and supports the introduction of gender quotas as well. The findings of this study provide useful insights to policymakers in setting corporate governance regulations relating to board structures. The use of fixed effect estimation control for unobserved heterogeneity and the findings of the study are robust to alternative proxies of performance.","PeriodicalId":362386,"journal":{"name":"Staff Studies","volume":"8 9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123669643","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

Identifying Monetary Policy Rules for Sri Lanka 确定斯里兰卡的货币政策规则

Staff Studies Pub Date : 2018-12-28 DOI: 10.4038/ss.v48i2.4711

E. Ehelepola

{"title":"Identifying Monetary Policy Rules for Sri Lanka","authors":"E. Ehelepola","doi":"10.4038/ss.v48i2.4711","DOIUrl":"https://doi.org/10.4038/ss.v48i2.4711","url":null,"abstract":"This paper characterises monetary policy of Sri Lanka using policy reaction functions over the period of 1996:Q1 to 2014:Q2, where the Central Bank of Sri Lanka (CBSL) broadly followed a monetary targeting framework in the conduct of monetary policy. The standard Taylor-type and McCallum-type policy rules, augmented with response to exchange rate variations are estimated for three different specifications: contemporaneous, backward looking and forward looking. The forward looking Taylor rule and the backward-looking McCallum rule capture the monetary policy response in Sri Lanka. Results suggest that more than one-for-one reaction of the nominal interest rate in response to changes in inflation in the forward-looking Taylor specification is desirable as it leads to curtail inflation effectively, assuring determinacy. The coefficient of the output gap is, however, estimated to be larger than that of inflation. It is further evident that the CBSL responds to exchange rate variations only weakly while smoothing out interest rate strongly. A backward-looking McCallum rule where growth rate of monetary aggregate M1 (i.e. narrow money) reacts to growth rate of nominal GDP also seems to characterise monetary policy reaction in Sri Lanka satisfactorily. Strong policy smoothing and weak reaction to exchange rate are also evident in the McCallum rule.","PeriodicalId":362386,"journal":{"name":"Staff Studies","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117172021","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

Testing the Validity of Conditional Four Moment Capital Asset Pricing Model: Empirical Evidence from the Colombo Stock Exchange 条件四时刻资本资产定价模型的有效性检验:来自科伦坡证券交易所的经验证据

Staff Studies Pub Date : 2018-06-30 DOI: 10.4038/SS.V48I1.4710

Jayaweera M. Nishantha

{"title":"Testing the Validity of Conditional Four Moment Capital Asset Pricing Model: Empirical Evidence from the Colombo Stock Exchange","authors":"Jayaweera M. Nishantha","doi":"10.4038/SS.V48I1.4710","DOIUrl":"https://doi.org/10.4038/SS.V48I1.4710","url":null,"abstract":"The Capital Asset Pricing Model (CAPM) is one of the most used model in finance during the last five decades. This is despite heavy criticism against it along with an ongoing debate among academia about the empirical validity of the model. Three major extensions to the conventional model have been suggested; higher-moment CAPM, multi-factor model and conditional CAPM. All these models have shown mixed results in empirical studies. In the recent past, these extensions are integrated and tested for empirical validity and show some positive results (Vendrame, Tucker & Guermat, 2016). In this study, the empirical validity of conditional four-moment CAPM is tested on the Colombo Stock Exchange (CSE) of Sri Lanka. Individual stock returns on 74 listed companies covering a 17-year period from 2000 to 2016 are used. A two step procedure is followed with the estimation of the short window time series regressions in the first step, while cross-sectional regressions are estimated in the second step. Test results show inconclusive evidence about the conditional four-moment CAPM. Risk of coskewness is significant though risk of covariance and co-kurtosis are not significant explaining the average return on individual stocks on the CSE during the period under study.","PeriodicalId":362386,"journal":{"name":"Staff Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129349630","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

Evolution of Monetary and Exchange Rate Policy in Sri Lanka and the Way Forward 斯里兰卡货币和汇率政策的演变及其未来之路

Staff Studies Pub Date : 2018-06-30 DOI: 10.4038/SS.V48I1.4707

Nandalal Weerasinghe

引用次数: 6

Responsibility, Immunity and Liability: Are Financial Supervisors Liable for Depositors’ Losses? A Sri Lankan Case Study 责任、豁免与责任:金融监管机构对存款人的损失负有责任吗?斯里兰卡案例研究

Staff Studies Pub Date : 2018-06-30 DOI: 10.4038/SS.V48I1.4709

L. Vithanage

{"title":"Responsibility, Immunity and Liability: Are Financial Supervisors Liable for Depositors’ Losses? A Sri Lankan Case Study","authors":"L. Vithanage","doi":"10.4038/SS.V48I1.4709","DOIUrl":"https://doi.org/10.4038/SS.V48I1.4709","url":null,"abstract":"A stable financial system is a fundamental need for economic growth and prosperity. Hence, an efficient and continuous financial supervisory function is underscored by legal, economic and political rationale where prevention of bank runs reigns as the prime motive. The liquidity crisis faced by some financial institutions in Sri Lanka in 2008 resulted in the Central Bank of Sri Lanka being sued by depositors/investors of such institutions for alleged negligence. This situation is not alien in financial markets world over, as in times of crisis supervisory actions and responses are often criticised and questioned. Hence, supervisors, who are expected to work without fear or favour, perform their balancing act under a cloud of legal risk. In this background, the responsibilities and powers of the Central Bank of Sri Lanka is analysed to verify whether the supervisory role of the Central Bank conforms to the Basel Core principles. Immunity and accountability of the Central Bank of Sri Lanka is discussed in general as a preface to discussing the recent legal action faced by the financial sector supervisor of Sri Lanka, their implications and lessons to be learnt. With a plethora of new laws and regulations being borne out of crisis, the supervisors may be exposing themselves to a higher degree of legal risk apart from creating new liabilities. This paper recommends new provisions to be considered to be adopted into the financial sector laws in Sri Lanka.","PeriodicalId":362386,"journal":{"name":"Staff Studies","volume":"255 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131685986","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