Inflation targeting is increasingly seen as a crucial monetary policy by many economies in their quest for economic growth. The choice of an appropriate exchange rate regime, continue to be crucial in macroeconomic policy. Using data from 1970q1 to 2015q4, the paper examines the effects of inflation targeting on exchange rate pass-through. Applying a VAR model, the results show that inflation targeting has significant impacts on the movements of inflation, output and the exchange rate. The pass-through to consumer prices decreased and there was a reduction in the influence of foreign producer costs on imports prices after adopting inflation targeting Classification JEL: B22; F41; N00
{"title":"Inflation targeting and exchange rate pass-through to domestic prices: evidence from South Africa","authors":"Oluwasheyi S. Oladipo","doi":"10.18533/JEFS.V5I05.294","DOIUrl":"https://doi.org/10.18533/JEFS.V5I05.294","url":null,"abstract":"Inflation targeting is increasingly seen as a crucial monetary policy by many economies in their quest for economic growth. The choice of an appropriate exchange rate regime, continue to be crucial in macroeconomic policy. Using data from 1970q1 to 2015q4, the paper examines the effects of inflation targeting on exchange rate pass-through. Applying a VAR model, the results show that inflation targeting has significant impacts on the movements of inflation, output and the exchange rate. The pass-through to consumer prices decreased and there was a reduction in the influence of foreign producer costs on imports prices after adopting inflation targeting Classification JEL: B22; F41; N00","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133705076","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}
This paper empirically analyzes the effects of recent monetary policy based on expected and real-time data for Japan. Also, expected data between different time periods would have impacts on the economy and are taken into account. Since the 2000s, Japan has experienced a serious recession and low or zero interest rates policy has been conducted, so such a special situation might have influence on the economy. The empirical results show that past forecast error data of GDP plays a significant role on macro economy in Japan, however, impacts on the economy are not found during a longer period, over a quarter. Furthermore, forecast data is not crucial to the economy.
{"title":"Recent monetary policy effects on Japanese macroeconomy","authors":"Y. Kurihara","doi":"10.18533/JEFS.V5I05.296","DOIUrl":"https://doi.org/10.18533/JEFS.V5I05.296","url":null,"abstract":"This paper empirically analyzes the effects of recent monetary policy based on expected and real-time data for Japan. Also, expected data between different time periods would have impacts on the economy and are taken into account. Since the 2000s, Japan has experienced a serious recession and low or zero interest rates policy has been conducted, so such a special situation might have influence on the economy. The empirical results show that past forecast error data of GDP plays a significant role on macro economy in Japan, however, impacts on the economy are not found during a longer period, over a quarter. Furthermore, forecast data is not crucial to the economy.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122243797","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}
We evaluate how stock market return volatility behaves with respect to socioeconomic factors namely- interest rate volatility, foreign exchange rate volatility, S P C02; C22; D53; E22
{"title":"Socio-economy and stock market volatility","authors":"S. Hossain, M. Abedin","doi":"10.18533/JEFS.V5I04.292","DOIUrl":"https://doi.org/10.18533/JEFS.V5I04.292","url":null,"abstract":"We evaluate how stock market return volatility behaves with respect to socioeconomic factors namely- interest rate volatility, foreign exchange rate volatility, S P C02; C22; D53; E22","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128610235","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}
Using single and multivariate OLS regressions, this study examines how the listing price of a two bedroom home is affected by the monthly rental price of a comparable home in the same city. We do this in order to provide some direction to young families looking to purchase their first home. Our data encompasses each state’s most populated city within the United States. This study reveals that as the monthly rental price of a comparable home (especially condos) increases, and/or as the price-to-rent ratio increases, so does the listing price of a two bedroom home. Therefore, a frugal home buyer should keep an eye on both comparable rental prices, and on the price-to-rent ratio within their city of interest. When rental prices drop, or when the price-to-rent ratio decreases, that is when a homebuyer should begin to consider the purchase of a two-bedroom home.
{"title":"Monthly rental price of a comparable home and the pricing of a two-bedroom home","authors":"Kristoffer Michael Warren","doi":"10.18533/JEFS.V5I04.257","DOIUrl":"https://doi.org/10.18533/JEFS.V5I04.257","url":null,"abstract":"Using single and multivariate OLS regressions, this study examines how the listing price of a two bedroom home is affected by the monthly rental price of a comparable home in the same city. We do this in order to provide some direction to young families looking to purchase their first home. Our data encompasses each state’s most populated city within the United States. This study reveals that as the monthly rental price of a comparable home (especially condos) increases, and/or as the price-to-rent ratio increases, so does the listing price of a two bedroom home. Therefore, a frugal home buyer should keep an eye on both comparable rental prices, and on the price-to-rent ratio within their city of interest. When rental prices drop, or when the price-to-rent ratio decreases, that is when a homebuyer should begin to consider the purchase of a two-bedroom home.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122759053","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}
This study examines the relationship between oil price volatility and macroeconomic performance in two top net oil exporting countries in Africa (Angola and Nigeria) using quarterly data from International Monetary Fund, Central Bank of Nigeria and Angola were used to carry out the empirical analysis. Using structural Vector Autoregressive Model (SVAR), E(GARCH) and Granger Causality test results shows that oil price volatility has marginal impact on growth rate of GDP in both countries. Both impulse response function and variance decomposition shows that shocks to exchange rate from oil price volatility was the highest i.e. exchange rate appreciates when oil price increases and depreciates when oil price reduces. The Granger causality test shows that the direction of causality between oil price volatility and macroeconomic variables in Nigeria was bi-directional while the relationship in Angola was unidirectional. Hence, both countries (Angola and Nigeria) should improve upon the refining capacity of their crude oil. Also, economic diversification should be strengthening to promote indigenous production to reduce importation of those goods that could be endogenously produced Classification JEL: E6; E30, E31
{"title":"Oil price volatility and macroeconomy: Tales from top two oil producing economies in Africa","authors":"B. Eagle","doi":"10.18533/JEFS.V5I04.283","DOIUrl":"https://doi.org/10.18533/JEFS.V5I04.283","url":null,"abstract":"This study examines the relationship between oil price volatility and macroeconomic performance in two top net oil exporting countries in Africa (Angola and Nigeria) using quarterly data from International Monetary Fund, Central Bank of Nigeria and Angola were used to carry out the empirical analysis. Using structural Vector Autoregressive Model (SVAR), E(GARCH) and Granger Causality test results shows that oil price volatility has marginal impact on growth rate of GDP in both countries. Both impulse response function and variance decomposition shows that shocks to exchange rate from oil price volatility was the highest i.e. exchange rate appreciates when oil price increases and depreciates when oil price reduces. The Granger causality test shows that the direction of causality between oil price volatility and macroeconomic variables in Nigeria was bi-directional while the relationship in Angola was unidirectional. Hence, both countries (Angola and Nigeria) should improve upon the refining capacity of their crude oil. Also, economic diversification should be strengthening to promote indigenous production to reduce importation of those goods that could be endogenously produced Classification JEL: E6; E30, E31","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123821101","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}
Faced with intermittent challenges of maintaining a stable external balance, several reports (see for example Bank of Ghana, 2005, 2009, 2015) attribute external imbalances to oil price shocks as a primary concern. Developments in the oil price literature however, suggest that effect oil price shock on macroeconomic variables depends on the source of the price shock. Hence, we examin the impact of oil price shocks on Ghana's external balance considering the source of the price shock. We employ a two-stage estimation which involved SVAR and ARDL. Results reveal that oil demand shocks tend to have a positive long run effect on external balance and oil market specific demand shock was also found to negative long run effect. Whereas oil supply shock was found to have a negative impact on trade balance and current account balance, its effect on capital account balance was positive. The implication of this result is that output in industrial commodities must be expanded following an oil price shock that is as a result of oil demand shock, since oil demand shock is usually an indication of expansion in global economic activities and leads increased demand for such commodities.
{"title":"Sources of oil price shocks and external balance in Ghana","authors":"W. Cantah, C. Obeng, W. Brafu-Insaidoo","doi":"10.18533/JEFS.V5I04.295","DOIUrl":"https://doi.org/10.18533/JEFS.V5I04.295","url":null,"abstract":"Faced with intermittent challenges of maintaining a stable external balance, several reports (see for example Bank of Ghana, 2005, 2009, 2015) attribute external imbalances to oil price shocks as a primary concern. Developments in the oil price literature however, suggest that effect oil price shock on macroeconomic variables depends on the source of the price shock. Hence, we examin the impact of oil price shocks on Ghana's external balance considering the source of the price shock. We employ a two-stage estimation which involved SVAR and ARDL. Results reveal that oil demand shocks tend to have a positive long run effect on external balance and oil market specific demand shock was also found to negative long run effect. Whereas oil supply shock was found to have a negative impact on trade balance and current account balance, its effect on capital account balance was positive. The implication of this result is that output in industrial commodities must be expanded following an oil price shock that is as a result of oil demand shock, since oil demand shock is usually an indication of expansion in global economic activities and leads increased demand for such commodities.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116587741","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}
We investigate two issues. The first is to determine the impact of TQM dimensions of a medical care system (quality system, quality leadership, medical and sanitary staff, relationship with patient, relationships with suppliers, and continuous improvement) on the hospital competitive advantage (innovation, competitive benchmarking) in sample Jordanian hospitals. The second is to explore the moderating effect of two basic organizational characteristics: the size and the age of a hospital, on the relationship between TQM dimensions and competitive advantage. Our finding indicates that five TQM dimensions (QS, QL, RP, RS, and CI) have a positive impact on hospital innovation and reputation. This result is compatible with the main findings of many previous field studies. (Prajogo and suhal, 2003; Hung et al., 2010; Abrunhosa and Sa, 2008; Bon and Mustafa, 2013, Silva et al., 2014). This result could be attributed to a continuous improvement of hospital services quality (the sixth of the main dimensions of TQM). Continuous improvement (CI) is synonymous to innovation because both imply changes and modifications to health service.
我们调查两个问题。首先是确定医疗保健系统的TQM维度(质量体系、质量领导、医疗和卫生人员、与患者的关系、与供应商的关系以及持续改进)对约旦样本医院竞争优势(创新、竞争基准)的影响。二是探讨医院规模和院龄两个基本组织特征对TQM各维度与竞争优势关系的调节作用。我们的研究发现，五个TQM维度(QS、QL、RP、RS和CI)对医院创新和声誉有正向影响。这一结果与以往许多实地研究的主要发现是一致的。(Prajogo和suhal, 2003;Hung et al.， 2010;Abrunhosa and Sa, 2008;Bon and Mustafa, 2013, Silva et al.， 2014)。这一结果可归因于医院服务质量的不断提高(全面质量管理的第六个主要维度)。持续改进(CI)是创新的同义词，因为两者都意味着对卫生服务的改变和修改。
{"title":"Total quality management (TQM), organizational characteristics and competitive advantage","authors":"A. Yousif, N. Najm, Jasser A. Al-Ensour","doi":"10.18533/JEFS.V5I04.293","DOIUrl":"https://doi.org/10.18533/JEFS.V5I04.293","url":null,"abstract":"We investigate two issues. The first is to determine the impact of TQM dimensions of a medical care system (quality system, quality leadership, medical and sanitary staff, relationship with patient, relationships with suppliers, and continuous improvement) on the hospital competitive advantage (innovation, competitive benchmarking) in sample Jordanian hospitals. The second is to explore the moderating effect of two basic organizational characteristics: the size and the age of a hospital, on the relationship between TQM dimensions and competitive advantage. Our finding indicates that five TQM dimensions (QS, QL, RP, RS, and CI) have a positive impact on hospital innovation and reputation. This result is compatible with the main findings of many previous field studies. (Prajogo and suhal, 2003; Hung et al., 2010; Abrunhosa and Sa, 2008; Bon and Mustafa, 2013, Silva et al., 2014). This result could be attributed to a continuous improvement of hospital services quality (the sixth of the main dimensions of TQM). Continuous improvement (CI) is synonymous to innovation because both imply changes and modifications to health service.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126874994","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}
Least developed economies strive for foreign capital as they suffer from capital constraints to accelerate growth and economic transformation, while macroeconomists debate on the impact of FDI in economic performance. South Asian LDCs continue to treat FDI inflow as a key development factor, and continue to adopt FDI-friendly policies, though only a few studies were conducted for testing the impact of FDI in the context of this region. This study extends the previous empirical studies on south Asian LDCs by developing a new framework specifying direct and spill-over effects of FDI, and providing evidence from panel data analysis for the period 1980-2014. The results show positive effect of FDI for both direct and externalities effect. It is also evidenced from this study that the impact of FDI is much stronger after 1990.
{"title":"Foreign Direct Investment and Economic Growth: A Study on South Asian LDCs","authors":"H. Haque","doi":"10.18533/JEFS.V5I04.311","DOIUrl":"https://doi.org/10.18533/JEFS.V5I04.311","url":null,"abstract":"Least developed economies strive for foreign capital as they suffer from capital constraints to accelerate growth and economic transformation, while macroeconomists debate on the impact of FDI in economic performance. South Asian LDCs continue to treat FDI inflow as a key development factor, and continue to adopt FDI-friendly policies, though only a few studies were conducted for testing the impact of FDI in the context of this region. This study extends the previous empirical studies on south Asian LDCs by developing a new framework specifying direct and spill-over effects of FDI, and providing evidence from panel data analysis for the period 1980-2014. The results show positive effect of FDI for both direct and externalities effect. It is also evidenced from this study that the impact of FDI is much stronger after 1990.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126243993","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}
This study uses the Cox Proportional Hazards Model, examining the operating and financial characteristics of banks as well as market and economic conditions, to demonstrate what caused US bank failures. Consistent effects indicate US banks were more likely to survive when having higher capital, loan to assets, short term debt securities, and return on assets. The failure rate was greater when their loan loss allowances and past due accounts were high. The results of this research will help banks, central banks, governments, and regulators to forecast which banks are in financial trouble and understand why. They can then take effective action to shore up the financial strength of the affected banks as well as the financial system.
{"title":"Proportional Hazards Model of Bank Failure: Evidence from USA","authors":"Raymond A. K. Cox, Randall K. Kimmel, G. Wang","doi":"10.18533/JEFS.V5I3.290","DOIUrl":"https://doi.org/10.18533/JEFS.V5I3.290","url":null,"abstract":"This study uses the Cox Proportional Hazards Model, examining the operating and financial characteristics of banks as well as market and economic conditions, to demonstrate what caused US bank failures. Consistent effects indicate US banks were more likely to survive when having higher capital, loan to assets, short term debt securities, and return on assets. The failure rate was greater when their loan loss allowances and past due accounts were high. The results of this research will help banks, central banks, governments, and regulators to forecast which banks are in financial trouble and understand why. They can then take effective action to shore up the financial strength of the affected banks as well as the financial system.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133754847","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}
We conduct a qualitative research to explore Environmental Accounting (EA) practices in a setting that do not have a standard EA or in settings where accounting policy put more emphasis on the principal base rather than the rule base accounting. EA practice is related to the accounting treatment of environmental activities that are integrated, sustainable, and accountable as part of an environmental improvement and affects environment-friendly products within the bound of the law. Our findings are in the synchronic pattern and provide linkage among regulators (environmental and accounting regulators) and internal managements as (a) the integration of management on environmental activities in the business operations that can provide value addition, (b) sustainability related to the legal compliance and improvement of products, (c) reducing risk with updated data, (d) funding in most reliable condition, and, (e) reciprocal commitment. Our findings contribute to the understanding of how EA practices support policy improvement within organizations.
{"title":"Environmental accounting practices: A regulatory and internal management perspective","authors":"Sarah Yuliarini, Zaleha Othman, K. Ismaila","doi":"10.18533/JEFS.V5I3.267","DOIUrl":"https://doi.org/10.18533/JEFS.V5I3.267","url":null,"abstract":"We conduct a qualitative research to explore Environmental Accounting (EA) practices in a setting that do not have a standard EA or in settings where accounting policy put more emphasis on the principal base rather than the rule base accounting. EA practice is related to the accounting treatment of environmental activities that are integrated, sustainable, and accountable as part of an environmental improvement and affects environment-friendly products within the bound of the law. Our findings are in the synchronic pattern and provide linkage among regulators (environmental and accounting regulators) and internal managements as (a) the integration of management on environmental activities in the business operations that can provide value addition, (b) sustainability related to the legal compliance and improvement of products, (c) reducing risk with updated data, (d) funding in most reliable condition, and, (e) reciprocal commitment. Our findings contribute to the understanding of how EA practices support policy improvement within organizations.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133887824","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}
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