{"title":"CONTAGION AMONG SELECT GLOBAL EQUITY MARKETS: A TIME-FREQUENCY ANALYSIS","authors":"Avishek Bhandari, B. Kamaiah","doi":"10.1142/s2194565919500234","DOIUrl":"https://doi.org/10.1142/s2194565919500234","url":null,"abstract":"This paper investigates the phenomenon of contagion among some selected global equity markets using novel methods from wavelet-based time-frequency analysis. It surveys some seminal literature on c...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76948187","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}
{"title":"INVESTMENT ABROAD AND IMPACT AT HOME: A LITERATURE REVIEW","authors":"V. Sarin, Suresh Kumar","doi":"10.1142/s2194565919300011","DOIUrl":"https://doi.org/10.1142/s2194565919300011","url":null,"abstract":"Recently, there has been a significant rise in the volume and significance of FDI flows. The foreign direct investment (FDI), which is undertaken by multinational corporations, affects not only the...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81457266","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}
{"title":"MEASURING MONGOLIA’S GAINS FROM TRADE AND INCREASED INTEGRATION IN THE WORLD ECONOMY","authors":"Enkhmaa Battogtvor, Craig R. Parsons","doi":"10.1142/s2194565919500210","DOIUrl":"https://doi.org/10.1142/s2194565919500210","url":null,"abstract":"Following the gains from variety literature (Broda and Weinstein, 2006), we estimate the welfare impact of the dramatic increase in imported varieties growth in Mongolia and find it to be considera...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75643356","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}
{"title":"FIFTY YEARS OF LITERATURE ON EXPORT ASSISTANCE PROGRAMMES: A BIBLIOMETRIC ANALYSIS","authors":"Joana Ribeiro, Rosa Forte","doi":"10.1142/s2194565919500209","DOIUrl":"https://doi.org/10.1142/s2194565919500209","url":null,"abstract":"Literature on export assistance programmes (EAPs) was first published over half a century ago and has focused on many topics, such as the impact of EAPs on firms’ performance, their usefulness and ...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83257979","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}
{"title":"THE ENDOGENEITY OF BUSINESS CYCLE SYNCHRONISATION IN SOUTHERN AFRICAN DEVELOPMENT COMMUNITY","authors":"N. Nzimande, H. Ngalawa","doi":"10.1142/S2194565919500106","DOIUrl":"https://doi.org/10.1142/S2194565919500106","url":null,"abstract":"This paper investigates the endogeneity hypothesis of optimal currency area (OCA) criterion, that is, business cycles synchronisation, in a panel of Southern African Development Community (SADC) member countries, for the period 1994–2016. Using a Generalised Method of Moments (GMM), the study finds that, amongst other factors, trade induces business cycles comovement. This finding lends support to the endogeneity hypothesis of OCA theory.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80808767","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}
{"title":"HEDGING EFFECTIVENESS OF CROSS-LISTED NIFTY INDEX FUTURES","authors":"K. K. Kumar, S. Bose","doi":"10.1142/S2194565919500118","DOIUrl":"https://doi.org/10.1142/S2194565919500118","url":null,"abstract":"This paper investigates the hedging effectiveness of cross-listed Nifty Index futures and compares the performance of constant and dynamic optimal hedging strategies. We use daily data of Nifty index traded on the National Stock Exchange (NSE), India and cross-listed Nifty futures traded on the Singapore Stock Exchange (SGX) for a period of six years from July 15, 2010 to July 15, 2016. Various competing forms of Multivariate Generalised Autoregressive Conditional Heteroscedasticity (MGARCH) models, such as Constant Conditional Correlation (CCC) and Dynamic Conditional Correlation (DCC), have been employed to capture the time-varying volatility. The results clearly depict that dynamic hedge ratios outperform traditional constant hedge ratios with the DCC–GARCH model being the most efficient with maximum variance reduction from the unhedged portfolio.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89459438","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}
{"title":"THE IMPACT OF THE CHINESE TEXTILE IMPORTS ON EMPLOYMENT AND VALUE ADDED IN THE TEXTILE INDUSTRY OF THE SOUTH AFRICAN ECONOMY","authors":"Lumengo Bonga‐Bonga, M. Biyase","doi":"10.1142/S2194565919500088","DOIUrl":"https://doi.org/10.1142/S2194565919500088","url":null,"abstract":"With the increased trade linkage between China and African economies, this paper endeavours to assess the dynamic impacts of Chinese textile imports on employment and value added in the South African textile industry. This paper makes use of the structural vector autoregressive (SVAR) methodology with sign restriction. Moreover, based on this methodology, this paper conducts a counterfactual analysis to uncover what would have happened to employment and value added trends in the South African textile industry in the absence of trade with China. The results of the empirical analysis show that total employment responds negatively to shocks to import from China. Moreover, the results of the counterfactual analysis show that the South African economy could perform better without textile imports from China.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73493718","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}
{"title":"PERFORMANCE OF INDIAN CEMENT INDUSTRY: DRIVERS, MODELS AND EMPIRICS","authors":"Bipasha Maity, V. Suresh, Mehir Baidya","doi":"10.1142/S219456591950009X","DOIUrl":"https://doi.org/10.1142/S219456591950009X","url":null,"abstract":"A firm’s performance depends on efficient management of economic resources. Performance is usually a function of firm-specific economic factors and macroeconomic factors. In other words, an efficient allocation, management and manipulation of these factors is required to enhance profitability. This study attempts to identify some factors to understand how and to what extent these factors influence the profitability of the Indian cement industry. Seven hypotheses were framed. Panel data of 146 firms were gathered over a period of 22 years, spanning from 1996 to 2017. Thereafter, a Fixed Effect Regression (FER) model was fitted to the data. Results suggested that both firm-specific (e.g. size of firm; age of firm; fixed asset turnover) and macroeconomic variables (e.g. GDP; inflation; export intensity) made a significant impact on profitability of this industry. The findings of this study should assist managers as well as policy makers to frame sustainable policies of this mature industry. This research fulfills a need for a study that shows the degree of contribution of firm-specific and macroeconomic factors to profitability of the Indian cement industry.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90261337","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}
{"title":"THE EFFICACY OF GREEK GOVERNMENT ECONOMIC TOOLS: 1995–2016","authors":"Michael J. Mack, J. Leightner","doi":"10.1142/S219456591950012X","DOIUrl":"https://doi.org/10.1142/S219456591950012X","url":null,"abstract":"We use a statistical technique that solves the omitted variables problem of regression analysis to estimate the changes in gross domestic product (GDP), unemployment, and inflation of a one-unit change in government spending, exports, and interest rate for Greece using quarterly data from 1995 to 2016. Our primary findings are (1) driving the Greek economy using domestic demand creates a much more stable economy than trying to drive the Greek economy using exports and (2) cutting government spending and exports damage GDP more than equal increases help GDP. Both of these conclusions imply that IMF austerity and IMF support of exporting over domestic demand are counter-productive. Our results are not opposed to naturally occurring globalization, they are contrary to artificially encouraging trade as coerced by the IMF.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89893649","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}
{"title":"DEINDUSTRIALIZATION OF SUB-SAHARAN AFRICA","authors":"Don P. Clark","doi":"10.1142/S2194565919500015","DOIUrl":"https://doi.org/10.1142/S2194565919500015","url":null,"abstract":"Sub-Saharan African (SSA) countries as a group have been deindustrializing for more than three decades. Logistic growth functions of the share of manufacturing value added in Gross Domestic Product (GDP) provide estimates of the rate at which the manufacturing sector has diffused into each SSA economy. Deindustrializers (industrializers) have negative (positive) manufacturing sector diffusion rates. Sixteen SSA countries experienced significant deindustrialization. Factors associated with deindustrialization trends are identified. Countries with low real per capita incomes and those unable to diversify their manufacturing base, expand production for export, or export sophisticated products more frequently experienced deindustrialization. These countries also had relatively low gross capital formation and educational expenditure shares of GDP. Starting with a small manufacturing base does not appear to constrain the industrialization process. Excessive reliance on minerals production did not encourage deindustrialization. Policies are identified that will help countries avoid deindustrialization.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84329691","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}