Pub Date : 2024-03-26DOI: 10.26493/1854-6935.22.73-93
B. Joo, Simtiha Ishaq Mir
The COVID-19 pandemic has had a massive cascading effect on the entire tourism and hospitality sector, acting as a demand shock, affecting not only customary travellers but also wiping out any transient demand. The upside of these difficult circumstances is that they can be used to test the sector’s resilience. In this context, this paper analyses the deleveraging risk that industry players in India face by employing a qualitative response model, ‘Logit’. The study concludes that the deleveraging risk that sector players face depends upon the amount of debt and leverage ratios, both during the pre-and post-pandemic period. However, the influence of otherfinancial indicators on deleveraging has been different in terms of its intensity and bi-directional impact. Moreover, during COVID-19 deleveraging tendencies were noticed only in 204 firms, compared to 242 firms before COVID-19, discrediting the forced deleveraging as predicted in the literature.
{"title":"Insidious Impact of the COVID-19 Pandemic on Leverage of the Tourism and Hospitality Sector in India","authors":"B. Joo, Simtiha Ishaq Mir","doi":"10.26493/1854-6935.22.73-93","DOIUrl":"https://doi.org/10.26493/1854-6935.22.73-93","url":null,"abstract":"The COVID-19 pandemic has had a massive cascading effect on the entire tourism and hospitality sector, acting as a demand shock, affecting not only customary travellers but also wiping out any transient demand. The upside of these difficult circumstances is that they can be used to test the sector’s resilience. In this context, this paper analyses the deleveraging risk that industry players in India face by employing a qualitative response model, ‘Logit’. The study concludes that the deleveraging risk that sector players face depends upon the amount of debt and leverage ratios, both during the pre-and post-pandemic period. However, the influence of otherfinancial indicators on deleveraging has been different in terms of its intensity and bi-directional impact. Moreover, during COVID-19 deleveraging tendencies were noticed only in 204 firms, compared to 242 firms before COVID-19, discrediting the forced deleveraging as predicted in the literature.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"115 32","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140379997","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}
Pub Date : 2024-03-26DOI: 10.26493/1854-6935.22.53-72
S. Nyasha
Motivated by the study country’s active involvement in the reduction of global greenhouse gas emissions and the positive strides it has made domestically in increasing renewable energy in its energy mix, on the one hand, and the need to find out whether renewable energy consumption can also assist in reviving the economy, on the other hand, this study empirically examines the dynamic impact of renewable energy consumption on economic growth in Zimbabwe. Using annual time-series data from 1990 to 2019, and the autoregressive distributed lag approach, the results of the study show that in Zimbabwe, renewable energy consumption has apositive impact on economic growth, both in the short and long run. Increasing the usage of renewable energy increases the growth of the economy in the country of study. These results imply that Zimbabwe can achieve two goals using one strategy – increasing renewable energy consumption to decrease the negative impact climate change and greenhouse gas emission have on the environment and the economy, and increasing economic growth. Policy makers in Zimbabwe are, therefore, recommended to supportincreased use of renewable energy over alternative energy sources, as this would have positive implications on the economy, both in the short and long term.
{"title":"The Dynamic Impact of Renewable Energy Consumption on Economic Growth in Zimbabwe: An ARDL Approach","authors":"S. Nyasha","doi":"10.26493/1854-6935.22.53-72","DOIUrl":"https://doi.org/10.26493/1854-6935.22.53-72","url":null,"abstract":"Motivated by the study country’s active involvement in the reduction of global greenhouse gas emissions and the positive strides it has made domestically in increasing renewable energy in its energy mix, on the one hand, and the need to find out whether renewable energy consumption can also assist in reviving the economy, on the other hand, this study empirically examines the dynamic impact of renewable energy consumption on economic growth in Zimbabwe. Using annual time-series data from 1990 to 2019, and the autoregressive distributed lag approach, the results of the study show that in Zimbabwe, renewable energy consumption has apositive impact on economic growth, both in the short and long run. Increasing the usage of renewable energy increases the growth of the economy in the country of study. These results imply that Zimbabwe can achieve two goals using one strategy – increasing renewable energy consumption to decrease the negative impact climate change and greenhouse gas emission have on the environment and the economy, and increasing economic growth. Policy makers in Zimbabwe are, therefore, recommended to supportincreased use of renewable energy over alternative energy sources, as this would have positive implications on the economy, both in the short and long term.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"113 31","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140379248","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}
Pub Date : 2024-03-26DOI: 10.26493/1854-6935.22.27-51
Boris Urban, John Mgwenya
Research in public sector entrepreneurship is proliferating which indicates that it is viable for organisations operating within a government regulatory regime, such as in state-owned entities (SOEs). This study examined the extent to which entrepreneurial intensity and entrepreneurial capabilities influence the performance of SOEs, while moderating effects of the external environment on this relationship were analysed from an African emerging market perspective. Primary data was collected via a structured questionnaire from SOEs operating in South Africa. After checking for instrument validity and reliability, findings based on moderated regression analyses show that the degree and frequency of entrepreneurial events, as well as human capabilities, can predict improved performance. The originality and contribution of this study is highlighted in appreciating the role that entrepreneurial intensity and capabilities have on improving SOEs’ public responsiveness and financial performance in an emerging market context.
{"title":"State-Owned Entities in an African Emerging Market Context: The Role of Entrepreneurial Intensity and Capabilities in Performance","authors":"Boris Urban, John Mgwenya","doi":"10.26493/1854-6935.22.27-51","DOIUrl":"https://doi.org/10.26493/1854-6935.22.27-51","url":null,"abstract":"Research in public sector entrepreneurship is proliferating which indicates that it is viable for organisations operating within a government regulatory regime, such as in state-owned entities (SOEs). This study examined the extent to which entrepreneurial intensity and entrepreneurial capabilities influence the performance of SOEs, while moderating effects of the external environment on this relationship were analysed from an African emerging market perspective. Primary data was collected via a structured questionnaire from SOEs operating in South Africa. After checking for instrument validity and reliability, findings based on moderated regression analyses show that the degree and frequency of entrepreneurial events, as well as human capabilities, can predict improved performance. The originality and contribution of this study is highlighted in appreciating the role that entrepreneurial intensity and capabilities have on improving SOEs’ public responsiveness and financial performance in an emerging market context.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"12 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140378583","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}
Pub Date : 2024-03-26DOI: 10.26493/1854-6935.22.5-26
Małgorzata Pańkowska
Enterprise architecture (EA) modelling is understood as a system of architecture defined in ISO42010 and EA is intended to ensure a holistic view of business organization. This study analyses the goal-oriented approach to EA development. Justification of selection of this topic results from studies on EA modelling methods. Enterprise architects mainly focus on process modelling as well as on the application of UML language. There is still an open question of what the goals of EA modelling are. This paper presents an application of ArchiMate language and i* notation for goal-oriented EA modelling. The paper methodology covers a literature survey as well as a case study presenting ArchiMate and i* models for goal-oriented EA development by example of metropolis system architecture modelling. In this paper, a metropolis is defined as a consortium of cooperative communities and it is considered as a business organization for which the system architecture is modelled. The paper aims to develop the metropolis architecture model consisting of system components, i.e. business issues, data, software and hardware. The metropolis architecture models are provided to support development of a metropolis strategy. The main findings include the identification of business goals and EA goals, goal mapping, and specification of the key performance indicators (KPIs) to control the achievement of the goals.
企业架构（EA）建模被理解为 ISO42010 中定义的一个架构系统，EA 的目的是确保对业务组织的全面了解。本研究分析了以目标为导向的 EA 开发方法。选择这一主题的理由来自对企业架构建模方法的研究。企业架构师主要关注流程建模以及 UML 语言的应用。至于 EA 建模的目标是什么，仍然是一个未决问题。本文介绍了 ArchiMate 语言和 i* 符号在面向目标的 EA 建模中的应用。本文的研究方法包括文献调查和案例研究，以大都市系统架构建模为例，介绍 ArchiMate 和 i* 模型在面向目标的 EA 开发中的应用。在本文中，大都市被定义为合作社区的联合体，并被视为系统架构建模的商业组织。本文旨在开发由系统组件（即业务问题、数据、软件和硬件）组成的大都市架构模型。大都市架构模型可为大都市战略的制定提供支持。主要发现包括业务目标和 EA 目标的确定、目标映射以及控制目标实现的关键绩效指标 (KPI) 的规范。
{"title":"Goal-Oriented Metropolis Ecosystem Development","authors":"Małgorzata Pańkowska","doi":"10.26493/1854-6935.22.5-26","DOIUrl":"https://doi.org/10.26493/1854-6935.22.5-26","url":null,"abstract":"Enterprise architecture (EA) modelling is understood as a system of architecture defined in ISO42010 and EA is intended to ensure a holistic view of business organization. This study analyses the goal-oriented approach to EA development. Justification of selection of this topic results from studies on EA modelling methods. Enterprise architects mainly focus on process modelling as well as on the application of UML language. There is still an open question of what the goals of EA modelling are. This paper presents an application of ArchiMate language and i* notation for goal-oriented EA modelling. The paper methodology covers a literature survey as well as a case study presenting ArchiMate and i* models for goal-oriented EA development by example of metropolis system architecture modelling. In this paper, a metropolis is defined as a consortium of cooperative communities and it is considered as a business organization for which the system architecture is modelled. The paper aims to develop the metropolis architecture model consisting of system components, i.e. business issues, data, software and hardware. The metropolis architecture models are provided to support development of a metropolis strategy. The main findings include the identification of business goals and EA goals, goal mapping, and specification of the key performance indicators (KPIs) to control the achievement of the goals.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"122 32","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140381017","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}
Pub Date : 2023-12-23DOI: 10.26493/1854-6935.21.329-351
Tanzina Akhter, Sabrin Sultana, Abul Kalam Azad
Optimal capital structure is a key tool to take advantage of the trade-offbetween firm performance and risk. Based on this, we examine how optimalcapital structure influences corporate performance and risk exposure.We use a strong-balanced panel of 3,344 firm-year observations from 10different OECDcountries for 2006–2016. Results reveal that firms havingshort-term debt normally experience high accounting-based performancewhile lowering market-based performance, firms using long-term and totaldebt are largely exposed to decreased accounting and market-based performance.The higher the long-term and total debt, the greater the chancesthat firms become vulnerable to insolvency risk. Findings are robust acrossalternative indicators of capital structure, firm performance and risk, alternativemodel development and the two-step system GMM estimator tocontrol endogeneity issues. This research will be of importance to firmmanagers and policymakers in designing an appropriate capital structurefor maximizing firm performance while minimizing debt-taking risks.
{"title":"Capital Structure, Firm Performance and Risk Exposure: New Evidence from OECD Countries","authors":"Tanzina Akhter, Sabrin Sultana, Abul Kalam Azad","doi":"10.26493/1854-6935.21.329-351","DOIUrl":"https://doi.org/10.26493/1854-6935.21.329-351","url":null,"abstract":"Optimal capital structure is a key tool to take advantage of the trade-offbetween firm performance and risk. Based on this, we examine how optimalcapital structure influences corporate performance and risk exposure.We use a strong-balanced panel of 3,344 firm-year observations from 10different OECDcountries for 2006–2016. Results reveal that firms havingshort-term debt normally experience high accounting-based performancewhile lowering market-based performance, firms using long-term and totaldebt are largely exposed to decreased accounting and market-based performance.The higher the long-term and total debt, the greater the chancesthat firms become vulnerable to insolvency risk. Findings are robust acrossalternative indicators of capital structure, firm performance and risk, alternativemodel development and the two-step system GMM estimator tocontrol endogeneity issues. This research will be of importance to firmmanagers and policymakers in designing an appropriate capital structurefor maximizing firm performance while minimizing debt-taking risks.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"151 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139161002","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}
Pub Date : 2023-12-23DOI: 10.26493/1854-6935.21.303-328
Simbarashe Mhaka, Raynold Runganga
To achieve inclusive growth, and poverty and inequality reduction, Africancountries should enhance labour-intensive agricultural production due totheir abundance of natural resources and labour. In this paper, we examinethe impact of agriculture on the economic growth of Zimbabwe usingthe Autoregressive Distributed Lag (ARDL) model employing data coveringthe period 1970 to 2019. The results show that agricultural productionhas a significant positive impact on economic growth in the short run whileshowing no impact on economic growth in the long run.Additionally, thestudy confirms that inflation, government expenditure and gross fixed capitalformation have a positive impact on economic growth in both the longrun and short run. Although the agricultural sector plays a salient role inthe early stages of economic development, it is, however, not able to maintainsustainable economic growth over a long period in Zimbabwe. Additionalmacro-economic policy levers are required to compliment agriculturalproduction and promote sustainable economic growth.
{"title":"Impact of Agricultural Production on Economic Growth in Zimbabwe","authors":"Simbarashe Mhaka, Raynold Runganga","doi":"10.26493/1854-6935.21.303-328","DOIUrl":"https://doi.org/10.26493/1854-6935.21.303-328","url":null,"abstract":"To achieve inclusive growth, and poverty and inequality reduction, Africancountries should enhance labour-intensive agricultural production due totheir abundance of natural resources and labour. In this paper, we examinethe impact of agriculture on the economic growth of Zimbabwe usingthe Autoregressive Distributed Lag (ARDL) model employing data coveringthe period 1970 to 2019. The results show that agricultural productionhas a significant positive impact on economic growth in the short run whileshowing no impact on economic growth in the long run.Additionally, thestudy confirms that inflation, government expenditure and gross fixed capitalformation have a positive impact on economic growth in both the longrun and short run. Although the agricultural sector plays a salient role inthe early stages of economic development, it is, however, not able to maintainsustainable economic growth over a long period in Zimbabwe. Additionalmacro-economic policy levers are required to compliment agriculturalproduction and promote sustainable economic growth.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"44 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139162350","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}
The health implications of fossil energy consumption and carbon dioxide(CO2) emissions remain a global concern. This study examines the effectof fossil energy consumption and CO2 emissions on adult mortality rate inNigeria. The study relies on the Health Production Function and utilisesthe Autoregressive Distributed Lag technique to analyse time series datafrom 1980 to 2019. The results of the estimated model show that fossil energyconsumption reduces adult mortality rates in the short run, while co2emissions increase adult mortality rates both in the short and long run.In addition, government health expenditure follows an inverted U-shaperelationship in explaining adult mortality while foreign direct investmenthas a U-shape relationship with adult mortality in Nigeria. Trade opennessand monetary policy are insignificant in the short and long run. Itis recommended that the government should substitute clean energy forfossil fuel energy to improve the quality of life, strengthen CO2 emissionstax and ensure health funds are used for the improvement of healthcareservice delivery in Nigeria.
化石能源消耗和二氧化碳排放对健康的影响仍然是全球关注的问题。本研究探讨了化石能源消耗和二氧化碳排放对尼日利亚成人死亡率的影响。研究以健康生产函数为基础，利用自回归分布滞后技术分析了 1980 年至 2019 年的时间序列数据。估计模型的结果表明，化石能源消耗在短期内降低了成人死亡率，而二氧化碳排放量在短期和长期内均增加了成人死亡率。此外，政府卫生支出在解释成人死亡率时呈倒 U 型关系，而外国直接投资与尼日利亚成人死亡率呈 U 型关系。贸易开放度和货币政策在短期和长期内均不显著。建议政府用清洁能源替代化石燃料能源，以提高生活质量，加强二氧化碳排放税，并确保医疗资金用于改善尼日利亚的医疗服务。
{"title":"Fossil Energy Consumption, Carbon Dioxide Emissions and Adult Mortality Rate in Nigeria","authors":"Oluwasegun Olawale Benjamin, Gbenga Wilfred Akinola, Asaolu Adepoju Adeoba","doi":"10.26493/1854-6935.21.353-384","DOIUrl":"https://doi.org/10.26493/1854-6935.21.353-384","url":null,"abstract":"The health implications of fossil energy consumption and carbon dioxide(CO2) emissions remain a global concern. This study examines the effectof fossil energy consumption and CO2 emissions on adult mortality rate inNigeria. The study relies on the Health Production Function and utilisesthe Autoregressive Distributed Lag technique to analyse time series datafrom 1980 to 2019. The results of the estimated model show that fossil energyconsumption reduces adult mortality rates in the short run, while co2emissions increase adult mortality rates both in the short and long run.In addition, government health expenditure follows an inverted U-shaperelationship in explaining adult mortality while foreign direct investmenthas a U-shape relationship with adult mortality in Nigeria. Trade opennessand monetary policy are insignificant in the short and long run. Itis recommended that the government should substitute clean energy forfossil fuel energy to improve the quality of life, strengthen CO2 emissionstax and ensure health funds are used for the improvement of healthcareservice delivery in Nigeria.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"11 s1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139161617","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}
Pub Date : 2023-12-23DOI: 10.26493/1854-6935.21.385-414
Isaac Doku, Andrew Phiri
This study explores the potential impact of climate finance (cf) on foodprices in Sub-Saharan Africa (SSA) as climate change continues to createfood scarcity and increase food prices. The study analyses data from43 SSA countries between 2006 and 2018 using a panel fixed effect modelwith Driscoll-Kraay standard errors and methods of moments quantile regressions(MMQR). The findings indicate that countries in SSA that receivemore cf, improve their fight against corruption, have good rainfall patterns,experience reduced extreme temperatures, have depreciated currencies,larger populations and higher GDP growth, reduce food imports, increasedomestic food supply, and demonstrate high governance and socialreadiness are likely to experience stable or reduced food prices. Based onthese results, the study recommends that SSA governments prioritise anticorruptionefforts to earn donor trust and increase CF, ultimately leadingto lower food prices in the sub-region. Further, the findings indicatethat good rainfall patterns reduce food prices: this shows the need for SSAcountries to invest in policies that lead to reliablewater supply as irrigation.
{"title":"Is Climate Finance Helping Stabilise Food Prices in Sub-Saharan Africa?","authors":"Isaac Doku, Andrew Phiri","doi":"10.26493/1854-6935.21.385-414","DOIUrl":"https://doi.org/10.26493/1854-6935.21.385-414","url":null,"abstract":"This study explores the potential impact of climate finance (cf) on foodprices in Sub-Saharan Africa (SSA) as climate change continues to createfood scarcity and increase food prices. The study analyses data from43 SSA countries between 2006 and 2018 using a panel fixed effect modelwith Driscoll-Kraay standard errors and methods of moments quantile regressions(MMQR). The findings indicate that countries in SSA that receivemore cf, improve their fight against corruption, have good rainfall patterns,experience reduced extreme temperatures, have depreciated currencies,larger populations and higher GDP growth, reduce food imports, increasedomestic food supply, and demonstrate high governance and socialreadiness are likely to experience stable or reduced food prices. Based onthese results, the study recommends that SSA governments prioritise anticorruptionefforts to earn donor trust and increase CF, ultimately leadingto lower food prices in the sub-region. Further, the findings indicatethat good rainfall patterns reduce food prices: this shows the need for SSAcountries to invest in policies that lead to reliablewater supply as irrigation.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"2 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139161746","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}
Pub Date : 2023-09-26DOI: 10.26493/1854-6935.21.269-293
Andrew Phiri
The 3–6 percent inflation target is a policy rule used by the South African Reserve Bank (SARB) to fulfil its statutory obligation of ensuring a low and stable inflation environment and its policy reaction function assesses how the Reserve Bank responds to deviations of inflation from its target. We rely on nonlinear autoregressive distributive lag (NARDL) models to estimate the asymmetric preferences which the Reserve Bank has to inflation deviations during rising and falling episodes of inflation. Using quarterly data spanning from 2002:q1 to 2021:q4, we estimate the policy reaction functions using 7 disaggregated measures of inflation to capture the heterogeneity in the formation of price expectations. We further segregate our data into two sub-periods, corresponding to the pre-crisis and post-crisis era, as a robustness exercise. Overall, our findings indicate that in the post-crisis era the SARB (i) has become more responsive to inflation, output fluctuations and exchange rates and (ii) has responded more aggressively to rising inflation than falling inflation.
{"title":"Re-Examining the South African Reserve Bank’s Policy Reaction Function Using the NARDL Model","authors":"Andrew Phiri","doi":"10.26493/1854-6935.21.269-293","DOIUrl":"https://doi.org/10.26493/1854-6935.21.269-293","url":null,"abstract":"The 3–6 percent inflation target is a policy rule used by the South African Reserve Bank (SARB) to fulfil its statutory obligation of ensuring a low and stable inflation environment and its policy reaction function assesses how the Reserve Bank responds to deviations of inflation from its target. We rely on nonlinear autoregressive distributive lag (NARDL) models to estimate the asymmetric preferences which the Reserve Bank has to inflation deviations during rising and falling episodes of inflation. Using quarterly data spanning from 2002:q1 to 2021:q4, we estimate the policy reaction functions using 7 disaggregated measures of inflation to capture the heterogeneity in the formation of price expectations. We further segregate our data into two sub-periods, corresponding to the pre-crisis and post-crisis era, as a robustness exercise. Overall, our findings indicate that in the post-crisis era the SARB (i) has become more responsive to inflation, output fluctuations and exchange rates and (ii) has responded more aggressively to rising inflation than falling inflation.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134886518","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}
Pub Date : 2023-09-26DOI: 10.26493/1854-6935.21.223-251
Esther Dzifa Bansah, Raymond Kofi Adjei
The recent finance sector clean-up in Ghana led to the collapse of a number of microfinance institutions (MFIs), which reignited the discussion of whether MFIs can achieve much-needed financial sustainability while also meeting the goal of reaching out to the poor. In that regard, this paper explores the potential for MFIs to improve the breadth of outreach by fostering financial inclusion and to deepen the depth of outreach by targeting the poor while simultaneously pursuing self-sufficiency and profitability. Using data from the MIX database for 89 MFIs over a 20-year period, we employed fixed and random effects models to show that among other results, outreach is improved when MFIs are financed more by debt than equity and that the pursuit of profitability is a disincentive to outreach. Overall, the results suggest that with improved efficiency in the pursuit of sustainability, MFIs in Ghana stand better chances of achieving outreach both in depth and breadth.
{"title":"Sustainability and Outreach in the Microfinance Sector of Ghana","authors":"Esther Dzifa Bansah, Raymond Kofi Adjei","doi":"10.26493/1854-6935.21.223-251","DOIUrl":"https://doi.org/10.26493/1854-6935.21.223-251","url":null,"abstract":"The recent finance sector clean-up in Ghana led to the collapse of a number of microfinance institutions (MFIs), which reignited the discussion of whether MFIs can achieve much-needed financial sustainability while also meeting the goal of reaching out to the poor. In that regard, this paper explores the potential for MFIs to improve the breadth of outreach by fostering financial inclusion and to deepen the depth of outreach by targeting the poor while simultaneously pursuing self-sufficiency and profitability. Using data from the MIX database for 89 MFIs over a 20-year period, we employed fixed and random effects models to show that among other results, outreach is improved when MFIs are financed more by debt than equity and that the pursuit of profitability is a disincentive to outreach. Overall, the results suggest that with improved efficiency in the pursuit of sustainability, MFIs in Ghana stand better chances of achieving outreach both in depth and breadth.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134886977","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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