Economic Journal of Emerging Markets最新文献_第2页

Are the global economic policy uncertainties blocking the export flows of emerging markets? A heterogeneous panel SVAR analysis 全球经济政策的不确定性是否阻碍了新兴市场的出口流动?异质面板SVAR分析

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Economic Journal of Emerging Markets Pub Date : 2023-04-29 DOI: 10.20885/ejem.vol15.iss1.art7

Çağlayan Aslan, Senay Acikgoz

{"title":"Are the global economic policy uncertainties blocking the export flows of emerging markets? A heterogeneous panel SVAR analysis","authors":"Çağlayan Aslan, Senay Acikgoz","doi":"10.20885/ejem.vol15.iss1.art7","DOIUrl":"https://doi.org/10.20885/ejem.vol15.iss1.art7","url":null,"abstract":"Purpose – This paper examines the effect of global economic policy uncertainty (EPU) on emerging markets (EMs) export flows.\u0000Methods – This paper uses a structural panel vector autoregression modeling approach to capture country interdependencies and the likelihood that EMs’ responses are heterogeneous and dynamic. An unbalanced monthly panel data from 2003:01 to 2019:12 is used to estimate impulse responses and variance decompositions not only for the entire panel data but also for each EM.\u0000Findings – The results show that global EPU has a persistent and negative effect on exports, while foreign income and the exchange rate increase export volumes in EMs. Given the different responses of EMs to uncertainty shocks, the second-stage regression estimates suggest that greater sectoral export diversification in an EM can potentially reduce the unfavorable impact of global EPU on their export flows. Meanwhile, the higher technology content of exports leads to a multiplication of global EPU transmissions.\u0000Implication – These findings advance the literature by highlighting the importance of accounting for the transmission effect of global EPU in EMs by considering country heterogeneity.\u0000Originality – This is the sole paper examining the factors that mitigate or amplify GEPU impacts on export flows by estimating second-step ordinary least square equations.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77809515","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

What drives the unemployment rate in Maldives? An Autoregressive Distributed Lag (ARDL) approach 是什么导致了马尔代夫的失业率?自回归分布滞后(ARDL)方法

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Economic Journal of Emerging Markets Pub Date : 2023-04-29 DOI: 10.20885/ejem.vol15.iss1.art6

Ali Irushad, Mohamed Asmy Bin Mohd Thas Thaker, Hassanudin Mohd Thas Thaker

{"title":"What drives the unemployment rate in Maldives? An Autoregressive Distributed Lag (ARDL) approach","authors":"Ali Irushad, Mohamed Asmy Bin Mohd Thas Thaker, Hassanudin Mohd Thas Thaker","doi":"10.20885/ejem.vol15.iss1.art6","DOIUrl":"https://doi.org/10.20885/ejem.vol15.iss1.art6","url":null,"abstract":"Purpose – This paper examines factors that determine the unemployment rate in the Maldives.\u0000Methods – This paper uses an Autoregressive Distributed Lag (ARDL) model in capturing long and short-run associations among the chosen variables. It uses some macroeconomic variables, namely unemployment rate, population, economic growth, foreign direct investment, external debts, inflation rate, and expatriate workers.\u0000Findings – The empirical results suggest that except for expatriate workers, all the variables are significant determinants of unemployment rate in the long run. The study found that economic growth and inflation would negatively and significantly contribute to unemployment rate when they are combined. This explains the unemployment nexus which follows the Phillips curve and Okun’s law relationship provides the presence of both these hypotheses in the Maldives in the short-run and long-run. In addition, an increase in population and external debts worsens the unemployment situation in the Maldives. Although expatriate workers are not significant in the long run, the results reveal that they have a significant positive effect on unemployment in the short run.\u0000Implications – This result implies that the Maldivian government should encourage locals in the country to participate in the labor force and limit the participation of expatriate workers in an industry that has a shortage of skilled expertise.\u0000Originality – This study expands our understanding of key determinants of the unemployment rate in Maldives. To the best of the authors’ knowledge, this research is among the pioneer empirical study to assess the issue.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90274119","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

An empirical investigation of the relationship between government revenue, expenditure, and economic growth in selected EMEs 选取的新兴市场国家政府收入、支出与经济增长关系的实证研究

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Economic Journal of Emerging Markets Pub Date : 2023-04-29 DOI: 10.20885/ejem.vol15.iss1.art8

A. K. Suresh, B. Seth, Samir Ranjan Behera, D. Rath

{"title":"An empirical investigation of the relationship between government revenue, expenditure, and economic growth in selected EMEs","authors":"A. K. Suresh, B. Seth, Samir Ranjan Behera, D. Rath","doi":"10.20885/ejem.vol15.iss1.art8","DOIUrl":"https://doi.org/10.20885/ejem.vol15.iss1.art8","url":null,"abstract":"Purpose ─ This article explores the relationship between government revenue, government expenditure, and economic growth for nine emerging market economies using annual data from 1991-92 to 2019-20.\u0000Method ─ This paper distinguishes itself from the existing literature through the application of co-integration tests, vector error correction, DOLS and FMOLS for an empirical investigation of a unique panel data set of select emerging economies across Asia, Africa, Europe and Latin America. A bi-directional causal long-run relationship between economic growth and government expenditure, as well as between government expenditure and government revenue, was found using standard panel co-integration tests.\u0000Findings ─ The long-run elasticities computed using VECM were confirmed from DOLS as well as FMOLS estimates. A one per cent increase in expenditure and revenue, in the long run, would result in an increase in GDP by 0.94 and 0.90 per cent, respectively. Similarly, an increase in GDP by one per cent would lead to an increase in government expenditure by 1.1 per cent. On the other hand, an increase in government revenue by one per cent would cause a corresponding increase in government expenditure by nearly one per cent. The findings of this research point to a positive association between government revenue, expenditure, and economic growth, which will be valuable to policymakers.\u0000Contribution ─ Our combination of country selection covering economies from different continents is a first of its kind to the best of our knowledge. Another contribution is the application of panel cointegration and panel error correction techniques to fully use the panel data set, while most previous studies utilised the typical time series modelling with individual time series data.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82822489","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

Disaggregated crude oil prices and stock market behaviour in Nigeria: Evidence from sectorial analysis 尼日利亚分类原油价格和股票市场行为:来自行业分析的证据

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Economic Journal of Emerging Markets Pub Date : 2023-04-11 DOI: 10.20885/ejem.vol15.iss1.art4

T. Ojeyinka, Anthonia Emoshokemhe Aliemhe

{"title":"Disaggregated crude oil prices and stock market behaviour in Nigeria: Evidence from sectorial analysis","authors":"T. Ojeyinka, Anthonia Emoshokemhe Aliemhe","doi":"10.20885/ejem.vol15.iss1.art4","DOIUrl":"https://doi.org/10.20885/ejem.vol15.iss1.art4","url":null,"abstract":"Purpose ― This study differs from previous studies by examining the impact of oil price components, namely oil demand, global oil supply, and oil market-specific demand, on the stock returns of five sectors (Banking, Consumer goods, Industrial, Insurance, and Oil and Gas) listed on the Nigerian Stock Exchange.\u0000Design/Method/Approach ― The study employs the Autoregressive Distributed Lag (ARDL) model on monthly data between January 2000 and December 2019.\u0000Findings ― The paper finds evidence of a long-run relationship between sectoral market returns and oil price changes in Nigeria. Further evidence from the study reveals that oil-specific demand and global oil demand have positive and significant effects on the aggregate stock returns and the returns of the sampled sectors. On the other hand, the impact of the global oil supply is inconsequential on the aggregate stock returns and sectoral returns except for the Oil and Gas sector, where the effect of global oil production is positive and significant.\u0000Implication ― The study concludes that stock market returns in Nigeria are sensitive and vulnerable to changes in demand-side components of oil price. The study also highlights important policy implications to enhance the performance of the Nigerian stock market.\u0000Originality/Value ― The paper examines the impact of disaggregated oil prices on sectoral returns of the five listed sectors on the Nigerian Stock Exchange, which has not been explored in the literature.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76607634","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

Intensity of the creative economy agency and partnership in empowering micro and small enterprises 加强创意经济机构和伙伴关系，赋予微型和小型企业权力

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Economic Journal of Emerging Markets Pub Date : 2023-04-11 DOI: 10.20885/ejem.vol15.iss1.art5

{"title":"Intensity of the creative economy agency and partnership in empowering micro and small enterprises","authors":"","doi":"10.20885/ejem.vol15.iss1.art5","DOIUrl":"https://doi.org/10.20885/ejem.vol15.iss1.art5","url":null,"abstract":"Purpose ─ This paper analyzes the determinants of micro and small enterprise company performance and its employees in Indonesia using a data set covering 2010 – 2019.\u0000Method ─ This study uses the robust estimation of the panel data regression method to estimate an alternative least squares regression that does not require strict assumptions and is not sensitive to outliers.\u0000Findings ─ The study's findings are as follows: 1) Improving resources, markets, entrepreneurs, and institutions has different impacts on business performance and workers' compensation due to the complexity and size of businesses, 2) The formal education of micro and small business entrepreneurship and institutionalization of partnerships have improved workers' compensation but not business performance, 3) Improving resource access, market orientation, and policies indirectly implemented by the Creative Economy Agency have improved business performance but not workers' compensation. Therefore, programs aimed at enhancing productivity of entrepreneurs and workers through partnerships are a key factor in improving the competitiveness of micro and small enterprises.\u0000Originality ─ Four determinants of the business environment of micro and small enterprises were analyzed to determine their impact on entrepreneur and worker performance, in order to identify the key factors contributing to the successful empowerment of these businesses.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82962134","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

Will Indonesia enter the 2023 financial crisis? Application of early warning model system 印尼会陷入2023年的金融危机吗?预警模型系统的应用

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Economic Journal of Emerging Markets Pub Date : 2023-04-10 DOI: 10.20885/ejem.vol15.iss1.art3

A. Abimanyu, M. Imansyah, Muhammad Adisurya Pratama

引用次数: 0

The determinants of private savings in Turkey: The role of financial development 土耳其私人储蓄的决定因素:金融发展的作用

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Economic Journal of Emerging Markets Pub Date : 2023-04-06 DOI: 10.20885/ejem.vol15.iss1.art1

Selçuk Akçay

{"title":"The determinants of private savings in Turkey: The role of financial development","authors":"Selçuk Akçay","doi":"10.20885/ejem.vol15.iss1.art1","DOIUrl":"https://doi.org/10.20885/ejem.vol15.iss1.art1","url":null,"abstract":"Purpose ― Over the past two decades since the 2000s, Turkey's private savings rates have decreased, which has become a concern for policymakers. In addition to considering the key determinants of private savings, this study primarily aims to quantify the linear and nonlinear impacts of financial development on private savings from 1980 to 2015.\u0000Method ― This study uses Autoregressive Distributed Lag (ARDL) procedure and the Fourier Toda-Yamamoto causality framework.\u0000Findings ― The main findings are as follows: 1) The ARDL bounds test supports the presence of a long-run equilibrium relationship between private savings and its determinants; 2) Financial development affects private savings nonlinearly in an inverted U-shaped pattern, and 3) No causality relationship is observed between private savings and financial development.\u0000Implication ― As financial development has an inverted U-shaped relationship with private savings, indicating that the complementary effect of financial development is replaced with a substitution effect after a certain threshold level, Turkish authorities should consider this evidence when tailoring policies regarding financial markets.\u0000Originality ― This study is the first to identify whether the relationship between private savings and financial development is linear or nonlinear in the context of an emerging economy in Turkey.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82947486","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

Empirical analysis of the impact of Turkish bilateral official development assistance on export 土耳其双边官方发展援助对出口影响的实证分析

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Economic Journal of Emerging Markets Pub Date : 2023-04-06 DOI: 10.20885/ejem.vol15.iss1.art2

Arab Dahir Hassan, Esra Dil

引用次数: 0

Competition and banks' financial performance in dual banking: Evidence from efficiency-adjusted market power 双轨制银行竞争与银行财务绩效:来自效率调整市场力量的证据

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Economic Journal of Emerging Markets Pub Date : 2022-10-31 DOI: 10.20885/ejem.vol14.iss2.art8

M. A. Khattak, Mohsin Ali, Noureen A. Khan

{"title":"Competition and banks' financial performance in dual banking: Evidence from efficiency-adjusted market power","authors":"M. A. Khattak, Mohsin Ali, Noureen A. Khan","doi":"10.20885/ejem.vol14.iss2.art8","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss2.art8","url":null,"abstract":"Purpose ― This paper examines banking competition's effect on Malaysia's financial performance from 2008–2020. This study investigates the relationship between banks' market competition and financial performance by examining banks' profits and risks. Further, this current study examines whether the association differs for Islamic banks.\u0000Methods ― The research studies Malaysia as a sample country and employs a data span from 2008-2020. In order to address omitted variable bias, simultaneity and endogeneity are avoided using a two-step GMM model.\u0000Findings ― Our results recommend that more competition inspires the banking sector to invest in risky ventures to offset the losses in revenues. Moreover, banking today is still based on basic banking operations like granting loans (or financing in Islamic banks), collecting deposits, and managing payment systems.\u0000Implication ― Since our findings show a negative effect of competition on the bank's financial performance, we suggest that competition lowers banks' profits and results in greater risk. It is suggested that regulators and policymakers develop the financial infrastructure in terms of controlled competition in banking and encourage banks to diversify their operations efficiently. We find no significant difference in the association between conventional and Islamic banking.\u0000Originality ― This research is the first to examine the effect of bank competition on the financial performance of a developed dual banking system using the efficiency-adjusted Lerner index.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79647980","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

Stock and exchange rate movements in the MENA countries: A Markov Switching –VAR Model 中东和北非国家的股票和汇率变动:一个马尔可夫转换-VAR模型

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Economic Journal of Emerging Markets Pub Date : 2022-10-27 DOI: 10.20885/ejem.vol14.iss2.art6

Marwa Trabelsi, Slah Bahloul

引用次数: 0