Economic Journal of Emerging Markets最新文献_第4页

Islamic banks credit risk performance for home financing: Before and during Covid-19 pandemic 伊斯兰银行在住房融资方面的信贷风险表现:在Covid-19大流行之前和期间

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Economic Journal of Emerging Markets Pub Date : 2022-04-27 DOI: 10.20885/ejem.vol14.iss1.art9

M. Anto, Faaza Fakhrunnas, Y. Tumewang

{"title":"Islamic banks credit risk performance for home financing: Before and during Covid-19 pandemic","authors":"M. Anto, Faaza Fakhrunnas, Y. Tumewang","doi":"10.20885/ejem.vol14.iss1.art9","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art9","url":null,"abstract":"Purpose ― This study aims to assess the home financing credit risk performed by Islamic banks in Indonesia.\u0000Methods ― A panel dynamic analysis is adopted to measure the bad loan performance before and during the Covid-19 pandemic. The observation period started from January 2016 to September 2020 with 1,881 observation periods of monthly panel data from the province level.\u0000Findings ― The study finds a difference in bad loan performance before and during the Covid-19 pandemic. Before this pandemic, inflation has a positive and significant influence on non-performing financing in real estate, rental business, and company service. However, during the Covid-19 pandemic, a substantial and positive effect of inflation is found on the bad loan for personal flat and apartment ownership. On the other hand, a significant and negative impact of inflation is found on the bad home loan for personal business shop ownership.\u0000Implication ― This analysis could trigger the government to provide financial assistance for those affected by the Covid-19 crisis. In addition to that, an Islamic bank is also expected to give financing allowances for them by providing an option of debt restructuration and rescheduling.\u0000Originality ― This paper analyses the Islamic bank’s credit risk performance for home financing before and during the Covid-19 pandemic. This issue has not been presented in the literature to the best of our knowledge.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84744109","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

Analysing network structures and dynamics of the Pakistan stock market across the uncertain time of global pandemic (Covid-19) 分析全球大流行(Covid-19)不确定时期巴基斯坦股票市场的网络结构和动态

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Economic Journal of Emerging Markets Pub Date : 2022-04-27 DOI: 10.20885/ejem.vol14.iss1.art7

B. Memon

{"title":"Analysing network structures and dynamics of the Pakistan stock market across the uncertain time of global pandemic (Covid-19)","authors":"B. Memon","doi":"10.20885/ejem.vol14.iss1.art7","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art7","url":null,"abstract":"Purpose ― The global pandemic COVID-19 has attracted considerable interest from researchers globally. However, there is very little systematic work on the impact of the COVID-19 crisis on the local stock markets. This paper proposes a complex network method that examines the effects of global pandemic COVID-19 on the Pakistan stock market to fill in these gaps.\u0000Methods ― Firstly, correlograms are plotted to inspect the correlation matrices of the overall and two sub-sample periods. Secondly, correlation threshold networks and topological properties are examined for different threshold levels. Finally, this paper uses evolving MSTs to construct a dynamical complex network and presents dynamic centrality measures, normalised tree, and average path lengths.\u0000Findings ― The findings show that COVID-19 related certainty and crisis lead to low volatility and a star-like structure, resulting in a quick flow of information and a strong correlation among the Pakistan stock market.\u0000Implication ― This analysis would help investors and regulators to manage the Pakistan stock market better. In addition, the comprehensive study solely on the Pakistan stock market will be helpful for Pakistan government officials and stock market participants to assess and predict the risks of the Pakistan stock market associated with the global pandemic COVID-19. \u0000Originality ― This paper addresses both classes of the networks. To the best of our knowledge, the static and dynamic evolution of the Pakistan stock market around the global pandemic COVID-19 has not been performed yet.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85214249","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

Trade liberalization, financial development, and economic growth: A panel data analysis on Turkey and the Turkic Republics 贸易自由化、金融发展和经济增长:土耳其和突厥共和国的面板数据分析

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Economic Journal of Emerging Markets Pub Date : 2022-04-27 DOI: 10.20885/ejem.vol14.iss1.art10

M. B. Tufaner

{"title":"Trade liberalization, financial development, and economic growth: A panel data analysis on Turkey and the Turkic Republics","authors":"M. B. Tufaner","doi":"10.20885/ejem.vol14.iss1.art10","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art10","url":null,"abstract":"Purpose ― In this study, 5 Turkic Republics (Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan) and Turkey are analysed to investigate the impact of trade liberalisation and financial development on economic growth.\u0000Methods ― In this study, long-term relationships among trade liberalisation, financial development, and economic growth are analysed by applying unit root, cointegration and causality tests for panel data analysis study for the period 1998 to 2017.\u0000Findings ― The findings reveal a strong cointegration relationship between trade liberalization, financial development, and economic growth. It was understood that trade liberalisation positively affected economic growth, and financial development negatively affected economic growth in the long term for the whole panel. However, when the variables are analysed for each country in the panel, it is seen that the sign and severity of the coefficients change. Also, according to panel causality test results, it was understood that there was no causal relationship between variables.\u0000Implication ― This paper supports the notion that the direction of the relationship among trade liberalisation, financial development, and economic growth change according to countries in Turkey and the Turkic Republics.\u0000Originality ― This paper contributes to the literature by the general view that trade liberalisation and financial development are the driving force of economic growth; these relations may vary according to the country group examined in the studies, the period handled, and the econometric method applied.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89881075","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

Nonlinear effects of ıncome ınequality on economic growth: A comparative analysis of selected countries ıncome ınequality对经济增长的非线性影响:选定国家的比较分析

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Economic Journal of Emerging Markets Pub Date : 2022-04-27 DOI: 10.20885/ejem.vol14.iss1.art6

Emin Efecan Aktaş, Pelin Varol Iyidogan

{"title":"Nonlinear effects of ıncome ınequality on economic growth: A comparative analysis of selected countries","authors":"Emin Efecan Aktaş, Pelin Varol Iyidogan","doi":"10.20885/ejem.vol14.iss1.art6","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art6","url":null,"abstract":"Purpose ― The paper queries the impacts of income inequality on economic growth in selected advanced and emerging market economies by adopting nonlinearity and endogeneity.\u0000Methods ― This research analysis is based on a balanced panel from 1996 to 2018 and employs the dynamic panel threshold analysis after baseline estimations with the fixed-effect, system Generalized Method of Moments, and difference Generalized Method of Moments.\u0000Findings ― This study finds a nonlinearity between income inequality and economic growth. Income inequality has a significant threshold effect on the growth of both panels. Besides, the threshold effect of emerging market countries is higher than the level for advanced countries. This means emerging market economies are negatively affected above the estimated threshold value according to the advanced economies.\u0000Implication ― This paper supports that inequality may harm much more economic growth above a specific level. On the other hand, these distorting effects are related to the other economic issues of countries, such as government spending, inflation, export of goods and services, gross fixed capital formation, and foreign direct investment.\u0000Originality ― This paper contributes to the literature by focusing on the nonlinear effects of income inequality and different aspects of economic growth above or below the estimated threshold value, thereby providing cross-country comparability and endogeneity.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76067376","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

Does sectoral loan portfolio composition matter for the monetary policy transmission? 行业贷款组合构成对货币政策传导有影响吗?

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Economic Journal of Emerging Markets Pub Date : 2022-04-27 DOI: 10.20885/ejem.vol14.iss1.art3

V. Dang, H. Nguyen

{"title":"Does sectoral loan portfolio composition matter for the monetary policy transmission?","authors":"V. Dang, H. Nguyen","doi":"10.20885/ejem.vol14.iss1.art3","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art3","url":null,"abstract":"Purpose ─ The paper empirically explores the conditioning role of loan portfolio diversification in the monetary policy pass-through via the bank lending and risk-taking channels.\u0000Methods ─ Data of Vietnamese commercial banks during 2007–2019 is employed to perform regression using the two-step system generalized method of moments in dynamic panel models. For robustness, we approach different choices of monetary policy indicators, ranging from interest-based tools to quantitative-based policy, and consider a rich set of sectoral exposure measures to proxy loan portfolio diversification.\u0000Findings ─ Lower interest rates or greater liquidity injection during monetary expansion may increase bank lending and bank risk, thus confirming the working of the bank lending and risk-taking channels of monetary policy transmission. Notably, the potency of these banking channels may be weakened for banks diversifying loan portfolios more into various economic sectors.\u0000Implication ─ The findings call for monetary authorities to concentrate on certain types of banks, depending on their loan portfolios when setting monetary policy. When managing banking supervision, banking supervisors should also acknowledge the tradeoff between bank lending and bank risk in response to monetary shocks.\u0000Originality ─ For the first time, this paper explores the conditional role of loan portfolio composition and thus further supports the recent upsurge in empirical studies highlighting the role of business models in monetary policy pass-through.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83686364","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

Revisiting the macroeconomic variables and economic growth nexus: A Markov regime-switching approach 重新审视宏观经济变量和经济增长关系:马尔科夫制度转换方法

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Economic Journal of Emerging Markets Pub Date : 2022-04-27 DOI: 10.20885/ejem.vol14.iss1.art8

Asma Fiaz, Nabila Khurshid, A. Satti

{"title":"Revisiting the macroeconomic variables and economic growth nexus: A Markov regime-switching approach","authors":"Asma Fiaz, Nabila Khurshid, A. Satti","doi":"10.20885/ejem.vol14.iss1.art8","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art8","url":null,"abstract":"Purpose ―Current paper assesses the impact of macroeconomic variables on Pakistan's economic growth.\u0000Method ― This study analyzed the data using the Markov Regime switching (MS) model using monthly data for 1981-2020. Firstly, BDS and CUSUM square tests were applied to detect the non-linearity of the model.\u0000Results ―The model is non-linear, so the Markov regime-switching model is used for analysis. Each regime's mean and variance are highly significant and show a high growth regime with high volatility and a low growth regime with low volatility. Furthermore, the results show that inflation, interest rate, and trade openness negatively impact while real effective exchange rates positively affect development in both regimes. The negative effect of interest rate, exchange rate, inflation, and trade openness become more pronounced in low growth regimes.\u0000Implication ― This study suggests that policymakers should consider the non-linear behaviour of macroeconomics. This will help to formulate better policies for the economy's economic growth.\u0000Originality ―The current research adds to the existing literature by identifying the non-linear effect of growth indicators on economic growth, which was previously neglected in the case of Pakistan.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78503675","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

On the asymmetric effect of real exchange rate on growth: Evidence from Africa 论实际汇率对经济增长的不对称影响:来自非洲的证据

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Economic Journal of Emerging Markets Pub Date : 2022-04-26 DOI: 10.20885/ejem.vol14.iss1.art2

James Temitope Dada

{"title":"On the asymmetric effect of real exchange rate on growth: Evidence from Africa","authors":"James Temitope Dada","doi":"10.20885/ejem.vol14.iss1.art2","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art2","url":null,"abstract":"Purpose ― This study investigates the asymmetric effect of real exchange rates on the economic growth of twenty African countries for the period 2005 to 2019.Design/Method/Approach ― A refined method of Granger and Yoon (2002) was used to decompose real exchange into appreciation and depreciation. To address the problem of endogeneity and cross-sectional dependence, a two-steps system generalized method of moments, Driscoll-Kraay estimator, and Augmented Mean group were used.Findings ― This study established the presence of asymmetries in the real exchange rate in the region. Further, the study found that real exchange rate appreciation inhibits economic growth while real exchange rate depreciation is beneficial to growth in the region. The results are robust to different estimation techniques.Practical Implications ― The outcome of this study supports the traditional view of exchange rates on macroeconomic variables. Hence, findings from this study can help investors and policymakers in the region to better understand the dynamics of the exchange rate and its effect on economic growth.Originality/Value ― This study enriches the literature on the relationship between exchange rate and growth, especially in Africa using a refined approach to decompose exchange rate into appreciation and depreciation.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513747","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

Forecasting inflation in Turkey: A comparison of time-series and machine learning models 预测土耳其的通货膨胀:时间序列和机器学习模型的比较

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Economic Journal of Emerging Markets Pub Date : 2022-04-26 DOI: 10.20885/ejem.vol14.iss1.art5

Hale Akbulut

{"title":"Forecasting inflation in Turkey: A comparison of time-series and machine learning models","authors":"Hale Akbulut","doi":"10.20885/ejem.vol14.iss1.art5","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art5","url":null,"abstract":"Purpose: This paper aims to test the accuracy of some Machine Learning (ML) models in forecasting inflation in the case of Turkey and to give a new and also complementary approach to time series models. Methods: This paper forecasts inflation in Turkey by using time-series and machine learning (ML) models. The data is spanning from the period 2006:M1 to 2020:M12. Findings: According to our findings, although the linear-based Ridge and Lasso regression algorithms perform worse than the VAR model, the multilayer perceptron algorithm gives satisfactory results that are close to the results of the time series algorithm. In this direction, non-linear machine learning models are thought to be a reliable complementary method for estimating inflation in emerging economies. It is also predicted that it can be considered as an alternative method as the amount of data and computational power increase. Implication: The findings are expected to be useful as a guide for central banks and policy-makers in emerging economies with volatile inflation rates. Originality: We evaluate the forecasting performance of ML models against each other and a time series model, and investigate possible improvements upon the naive model. So, this is the first study in the field, which uses both linear and nonlinear ML methods to make a comparison with the time series inflation forecasts for Turkey.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81169628","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

Foreign direct investment inflow: The drivers and motivations in MENA Region 外国直接投资流入:中东和北非地区的驱动因素和动机

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Economic Journal of Emerging Markets Pub Date : 2022-04-26 DOI: 10.20885/ejem.vol14.iss1.art1

O. Osabuohien-Irabor

{"title":"Foreign direct investment inflow: The drivers and motivations in MENA Region","authors":"O. Osabuohien-Irabor","doi":"10.20885/ejem.vol14.iss1.art1","DOIUrl":"https://doi.org/10.20885/ejem.vol14.iss1.art1","url":null,"abstract":"Purpose ― Reasons why Multinational Enterprise (MNEs) engage in foreign direct investment (hereafter referred to as FDI) abroad have been of great interest to policy markets, academia and international portfolio investors. This examines FDI inflow motives to the Middle East and North Africa (MENA) region for the period 2005 to 2019. Design/methodology/approach ― This research paper applies both the static and dynamic panel methodologies such as SYS-GMM, fixed effects, and pooled OLS estimators to investigate the motivational factors of MNEs FDI inflows to MENA countries. Findings ― Although specificity applies to countries, estimated results suggest that MNEs in the MENA region are predominantly interested in serving both home and host markets. Other motives such as efficiency-seeking FDI vary across countries, indicating that FDI motives are not homogeneous among region members. This paper provides useful insight for both firms and host countries in the region. Originality/value ― This research paper investigates the factors that motivate MNEs to consider FDI decisions in MENA countries. Rather than investigate the individual countries within the region as done in existing literature, this research paper simultaneously examines MNEs' investment motivations in the MENA region. The findings are significant, plausible and in line with the economic development of most countries in the region.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72822608","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

Nexus between real effective exchange rate misalignment and rubber export in Nigeria 实际有效汇率失调与尼日利亚橡胶出口的关系

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Economic Journal of Emerging Markets Pub Date : 2021-10-01 DOI: 10.20885/ejem.vol13.iss2.art2

Ridwan Mukaila

{"title":"Nexus between real effective exchange rate misalignment and rubber export in Nigeria","authors":"Ridwan Mukaila","doi":"10.20885/ejem.vol13.iss2.art2","DOIUrl":"https://doi.org/10.20885/ejem.vol13.iss2.art2","url":null,"abstract":"Purpose - This study examines the nexus between the real effective exchange rate misalignment (REERM) and rubber exports in Nigeria. The effects of equilibrium real exchange rate (ERER) and some economic fundamentals on rubber exports are also investigated. Methods - Johansen cointegration, vector error correction model and Granger causality test are employed as methods of data analysis. Findings - The results show that a long-run relationship exists between REERM and rubber export. REERM influenced rubber export negatively while ERER had a positive effect on rubber export. The past values of REERM can be used to predict the present volume of rubber export, and the past values of ERER and rubber export can be used to forecast the present values of each other. Trade openness positively influences rubber export while the term of trade has a negative effect on rubber export. Implication - REERM worsens the performance of rubber export in Nigeria while ERER improves its performance. Thus, rubber export can be enhanced through measures such as trade openness, improved term of trade and monitoring of exchange rate to reduce the REERM and maintain a stabilized equilibrium exchange rate system. Originality - This study focuses on the effect of deviation of the exchange rate from equilibrium, ERER and economic fundamentals on rubber export which has not been previously investigated.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91222462","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