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Economic Journal of Emerging Markets最新文献

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Environmental Kuznets Curve: Moderating role of financial development 环境库兹涅茨曲线:金融发展的调节作用
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2021-04-01 DOI: 10.20885/EJEM.VOL13.ISS1.ART3
Mansoor Mushtaq, Shabbir Ahmed
{"title":"Environmental Kuznets Curve: Moderating role of financial development","authors":"Mansoor Mushtaq, Shabbir Ahmed","doi":"10.20885/EJEM.VOL13.ISS1.ART3","DOIUrl":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART3","url":null,"abstract":"Purpose ─ This study analyzes the moderating role of financial development in the Environmental Kuznets Curve (EKC) hypothesis in 25 countries. Methods ─ This paper uses Lin and Chu unit root test to check the stationary of the variables. The unit root test result leads to the investigation using the panel pooled mean group model. Findings ─ The results of the long-run analysis show that the EKC hypothesis exists, and financial development plays its role in two ways. Firstly, it confirms the EKC hypothesis, and secondly, it improves the coefficients of supporting variables, namely economic growth, energy growth, and manufacturing value-added. The results are robust to changing the proxies of dependent as well as independent variables. The error correction model results show that the sign of the error correction term is negative and significant, implying that all of the models will converge toward their long-run equilibrium. that the governments of these countries should focus on enhancing financial development for the betterment of the environment. Originality ─ The study analyzes the role of the financial sector as a moderating role in the EKC hypothesis both in emerging economies and well-developed economies.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77946729","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: 5
Drivers of business cycles in Iran and some selected oil producing countries 伊朗和一些石油生产国商业周期的驱动因素
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2021-04-01 DOI: 10.20885/EJEM.VOL13.ISS1.ART4
A. Taheri, S. Nessabian, R. Moghaddasi, F. Arbabi, M. Damankeshideh
{"title":"Drivers of business cycles in Iran and some selected oil producing countries","authors":"A. Taheri, S. Nessabian, R. Moghaddasi, F. Arbabi, M. Damankeshideh","doi":"10.20885/EJEM.VOL13.ISS1.ART4","DOIUrl":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART4","url":null,"abstract":"Purpose ─ This study is aimed at analyzing the main drivers of business cycle in Iran and some selected oil producing countries during the 1970:Q1-2015:Q4 period. In addition, the study evaluates causality of leading macroeconomic indicators for each different regimes of the business cycles. Methods ─ This study proposes a new methodological approach by combining Markov-Switching Vector Autoregressive (MSVAR) and MS-Granger causality approach. Findings ─ The results show that there are diverse sources of business cycle. Iran experienced higher volatility of GDP where machinery investment and export are found as main driver of its business cycle. Meanwhile, consumer price index has countercyclical effect in all countries. We also find some similarities to the US, the UK, and Canada regarding the probability of a business cycle, number of observations, and the average duration, especially in the first regime of MS-VAR models. The high level of oil price volatility relative to the GDP volatility indicates the power of oil price shock to generate cycles. In addition, the results of the traditional Granger causality test confirm the Markov-Switching Granger Causality (MS-GC) test in all countries except export from the UK. Implication ─ Identification the main driver of business cycles is very significant to formulate the steady growth path so that the government able to select the most adequate economic policy. Originality ─ The novelty of this study is the adoption of a new approach by combining stylized facts and MS-VAR and MS-Granger causality to analyze the business cycles in different regime.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76534956","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
Similarity evidence between the country risk and the idiosyncratic risk: An empirical study of the Brazilian case 国家风险与特殊风险的相似性证据:巴西案例的实证研究
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2021-04-01 DOI: 10.20885/EJEM.VOL13.ISS1.ART6
A. Salles
{"title":"Similarity evidence between the country risk and the idiosyncratic risk: An empirical study of the Brazilian case","authors":"A. Salles","doi":"10.20885/EJEM.VOL13.ISS1.ART6","DOIUrl":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART6","url":null,"abstract":"Purpose ─ This paper estimates the idiosyncratic risk (IDR) time series in the Brazilian economy and verifies its interaction with the Brazilian country risk indicators, measured by the EMBI+ (the Emerging Markets Bond Index). Methods ─ This paper estimates various regression models to capture the dynamic nature of the variables. The models include the heteroscedastic conditional autoregressive models and vector error correction models (VECM). Findings ─ The results show similarities or associations between the two indicators with interactions in the short and long run. The idiosyncratic risk proves to be a relevant indicator of the risk of economic activities implemented within the scope of the Brazilian economy and can help evaluate investments in related projects. This results also provide evidence of cointegration between the EMBI+ and IDR variations. Implication ─ This result suggests an alternative way for obtaining estimates of the expected return required by economic agents in financing and investing in productive and infrastructure projects necessary for developing the Brazilian economy that provides greater employability and good social welfare. paper an alternative Brazilian economy. It also compares the results with the time series results obtained from the country risk measure EMBI+, widely used among resource managers in the international markets.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79416811","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
Government fiscal spending and crowd-out of private investment: An empirical evidence for India 政府财政支出与排挤私人投资:印度的经验证据
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2021-04-01 DOI: 10.20885/EJEM.VOL13.ISS1.ART8
S. Shankar
{"title":"Government fiscal spending and crowd-out of private investment: An empirical evidence for India","authors":"S. Shankar","doi":"10.20885/EJEM.VOL13.ISS1.ART8","DOIUrl":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART8","url":null,"abstract":"Findings ─ Our results suggest investment complementarity between the public and private sector at an aggregate and sectoral level over the period 1981-2019. Barring short-run crowding-out in construction and financial services at industry level, public investment stimulates private counterparts, both in the long and short-run. However, fiscal deficit, inflation expectation, and sovereign vulnerability influence private investment adversely. Moreover, the long-run crowding-out bearing of fiscal imbalance is quantitatively higher when the public sector invests in mining and manufacturing and insignificant with infrastructure.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86611479","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
The role of agricultural productivity in economic growth in middle-income countries: An empirical investigation 中等收入国家农业生产率在经济增长中的作用:一项实证调查
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2021-04-01 DOI: 10.20885/EJEM.VOL13.ISS1.ART2
Arif Eser Güzel, C. Akin
{"title":"The role of agricultural productivity in economic growth in middle-income countries: An empirical investigation","authors":"Arif Eser Güzel, C. Akin","doi":"10.20885/EJEM.VOL13.ISS1.ART2","DOIUrl":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART2","url":null,"abstract":"Findings ─ The estimation results of the Common Correlated Effects Mean Group (CCEMG), Dynamic-CCEMG, and biased-corrected form of Dynamic-CCEMG, suggest that agricultural productivity is the main engine of economic growth. Additional findings show that economic growth is positively associated with both physical capital and human capital. This paper does not find any significant relationship between trade openness and economic growth.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82840319","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
Monetary policy transmission: Balance sheet channel and investment behavior of firms in Pakistan 货币政策传导:巴基斯坦企业资产负债表渠道与投资行为
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2021-04-01 DOI: 10.20885/EJEM.VOL13.ISS1.ART1
Amir Rafique, M. U. Quddoos, Shujat Ali, Faheem Aslam, M. Ahmad
{"title":"Monetary policy transmission: Balance sheet channel and investment behavior of firms in Pakistan","authors":"Amir Rafique, M. U. Quddoos, Shujat Ali, Faheem Aslam, M. Ahmad","doi":"10.20885/EJEM.VOL13.ISS1.ART1","DOIUrl":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART1","url":null,"abstract":"Findings ─ The result indicates a positive relationship between cash flows and investment during periods of monetary tightness. The impact on cash flows is visibly more pronounced than that of the quantitative effect of an increase in capital cost, which gives rise to a balance sheet channel. Three financial constraints, namely size, leverage, and dividend policy, are used to segregate firms into financially constrained and unconstrained firms.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84041185","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: 6
Unit root tests in the presence of structural breaks: Evidence from African stock markets 存在结构性断裂的单位根检验:来自非洲股票市场的证据
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2020-10-07 DOI: 10.20885/ejem.vol12.iss2.art1
O. Osabuohien-Irabor
{"title":"Unit root tests in the presence of structural breaks: Evidence from African stock markets","authors":"O. Osabuohien-Irabor","doi":"10.20885/ejem.vol12.iss2.art1","DOIUrl":"https://doi.org/10.20885/ejem.vol12.iss2.art1","url":null,"abstract":"This paper examines whether stock prices for fourteen African countries are affected by transitory or permanent shocks. This study answers whether Africa stock market indices are mean-reverting or random-walk in the presence of multiple structural breaks. To investigate African equity price behavior, we considered one and two endogenously determined structural break tests of Zivot and Andrews (1992) and Lumsdaine and Papell (1997), respectively. Findings/Originality : Our results show that almost all African equity price indices follow the random walk processes except for Senegal and Botswana, which exhibit mean-reversion properties in its equity prices. It implies that investors in African stock markets cannot rely on past information and behavior to predict stock market movements or develop their trading strategies. The result also confirms that the Augmented Dickey-Fuller (ADF) unit root test is not applicable in the presence of structural breaks in African stock markets.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81807842","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
Personal income distribution in Turkey: A generalized ordered logit analysis 土耳其的个人收入分配:一个广义有序logit分析
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2020-10-01 DOI: 10.20885/ejem.vol12.iss2.art2
Vedat Kaya, A. Çelik, Muhammet Kutlu
{"title":"Personal income distribution in Turkey: A generalized ordered logit analysis","authors":"Vedat Kaya, A. Çelik, Muhammet Kutlu","doi":"10.20885/ejem.vol12.iss2.art2","DOIUrl":"https://doi.org/10.20885/ejem.vol12.iss2.art2","url":null,"abstract":"Income distribution decomposition may be affected by a variety of different factors. The main objective of this study is to examine potential factors of personal income distribution in TRA1 sub-region, the three highest income inequality in Turkey. The dataset was drawn from the Turkish Household Income and Life Conditions Survey. Due to the natural ordering of the dependent variable, a generalized ordered logit model was performed to analyze the data. Findings/Originality : The estimation results reveal that gender, age, marital status, educational level, occupational group, and general health status were found to be statistically significant determinants of personal income distribution in TRA1 sub-region of Turkey. The empirical evidence gathered from this study may add an explanation for personal income distribution decomposition in sub-regions of Turkey. In addition, the finding contributes to the human capital theory development that implies the importance of educational policy as one of the effective tools in reducing inequality.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84979948","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
The linkage between globalisation and financial inclusion: Do inequality and institutions matter? 全球化与普惠金融之间的联系:不平等和制度重要吗?
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2020-10-01 DOI: 10.20885/ejem.vol12.iss2.art8
M. Cahyadin
{"title":"The linkage between globalisation and financial inclusion: Do inequality and institutions matter?","authors":"M. Cahyadin","doi":"10.20885/ejem.vol12.iss2.art8","DOIUrl":"https://doi.org/10.20885/ejem.vol12.iss2.art8","url":null,"abstract":"This paper examines the effect of the globalization threshold on financial inclusion in 40 selected countries during 2000-2018. A principal component analysis (PCA) and a static panel threshold (SPT) are utilized. There are three dimensions and one aggregation of financial inclusion indicators assessed by PCA, while the globalization threshold is estimated under static panel threshold regression. Findings/Originality: The findings exhibit six countries with strong financial inclusion and eight countries with weak financial inclusion during study periods. Furthermore, the threshold effect of globalization has a significant impact on the financial inclusion index. The robustness checking employs panel cointegration test exhibits that inequality and some institutions indicators have a significant impact on financial inclusion both in the short-run and long-run. The policy implication suggests that governments should increase the financial inclusion index level during the globalization period, decrease inequality, and improve institutions' quality.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86283973","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
Macroeconomic uncertainty and investment relationship for Turkey 宏观经济的不确定性和土耳其的投资关系
IF 0.5
Economic Journal of Emerging Markets Pub Date : 2020-10-01 DOI: 10.20885/EJEM.VOL12.ISS2.ART3
P. Güney
{"title":"Macroeconomic uncertainty and investment relationship for Turkey","authors":"P. Güney","doi":"10.20885/EJEM.VOL12.ISS2.ART3","DOIUrl":"https://doi.org/10.20885/EJEM.VOL12.ISS2.ART3","url":null,"abstract":"In the literature it is suggested that, in addition to many factors such as macroeconomic and microeconomic polices, financial institutions and property rights; macroeconomic uncertainties are affecting the investment decisions. In this paper, we analyzed the effect of the real exchange rate, inflation and growth uncertainties on private investment in a developing country; Turkey. We used a generalized autoregressive conditional heteroskedasticity (GARCH) model to measure uncertainties. Then, we investigated the longterm relationship of the variables using bound testing approach. Finally, we adopt an error correction model to capture the dynamic relationship. According to our results macroeconomic uncertainties have a significant negative effect on private investments in Turkey. Therefore, our findings showed the importance of the macroeconomic stability for the continuity of investments in Turkey.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87830481","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
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