Pub Date : 2021-09-27DOI: 10.1177/09749101211040146
M. Jabeen, A. Rashid
This article studies the effects of macroeconomic news announcements and order flow on exchange rates in Pakistan by considering both direct and indirect information channels during news announcements periods. For this purpose, it employs GARCH models by using real-time data on macroeconomic news, order flow, and exchange rates. The findings reveal that macroeconomic news directly, and indirectly affect Pak Rupee exchange rates. The results also show that the order flow drives fluctuations in Pak Rupee exchange rates indicating the role of trade signals and trading strategies of currency traders in the exchange rate determination. Hence, as part of an aggregated economic component and means of public and private information, macroeconomic news and order flow impact Pak Rupee exchange rates as an integrated determinant. When macroeconomic news strikes the foreign exchange market, it affects the decisions of market makers, influencing order flow, and then exchange rates.
{"title":"Macroeconomic News and Exchange Rates: Exploring the Role of Order Flow","authors":"M. Jabeen, A. Rashid","doi":"10.1177/09749101211040146","DOIUrl":"https://doi.org/10.1177/09749101211040146","url":null,"abstract":"This article studies the effects of macroeconomic news announcements and order flow on exchange rates in Pakistan by considering both direct and indirect information channels during news announcements periods. For this purpose, it employs GARCH models by using real-time data on macroeconomic news, order flow, and exchange rates. The findings reveal that macroeconomic news directly, and indirectly affect Pak Rupee exchange rates. The results also show that the order flow drives fluctuations in Pak Rupee exchange rates indicating the role of trade signals and trading strategies of currency traders in the exchange rate determination. Hence, as part of an aggregated economic component and means of public and private information, macroeconomic news and order flow impact Pak Rupee exchange rates as an integrated determinant. When macroeconomic news strikes the foreign exchange market, it affects the decisions of market makers, influencing order flow, and then exchange rates.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49117577","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 : 2021-09-01DOI: 10.1177/09749101211040145
Adriana Peluffo
This study analyzes the relationship among exports to high-income countries on the demand for skilled labor. To this aim, we use a panel of Uruguayan manufacturing firms for the period 1997–2006. The results show that, contrary to studies for developed and other middle-income economies, exports to high-income countries do not result in a higher demand for skilled labor. The explanation for these results may lie in the productive specialization of the country.
{"title":"The Impact of Export Destination on Skills in a Middle-Income Country","authors":"Adriana Peluffo","doi":"10.1177/09749101211040145","DOIUrl":"https://doi.org/10.1177/09749101211040145","url":null,"abstract":"This study analyzes the relationship among exports to high-income countries on the demand for skilled labor. To this aim, we use a panel of Uruguayan manufacturing firms for the period 1997–2006. The results show that, contrary to studies for developed and other middle-income economies, exports to high-income countries do not result in a higher demand for skilled labor. The explanation for these results may lie in the productive specialization of the country.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41856282","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 : 2021-09-01DOI: 10.1177/09749101211031102
Salma Zaiane, F. B. Moussa
The purpose of the study is to identify bank specific, macroeconomic, and stability determinants of both conventional and Islamic bank performance. We also try to identify evidence on the impact of financial crisis and political instability during the Arab Spring (AS) period. The study covers a sample of 123 banks (34 Islamic banks and 89 conventional banks from 13 Middle East and North Africa [MENA] countries) over the period 2000–2013. We use different proxies of performance as dependent variables: return on asset (ROA), return on equity (ROE), net income margin (NIM), and estimate several regressions using the dynamic generalized method of moments. Our results reveal that bank size, asset quality, specialization, and diversification are the major bank specific factors affecting performance of Islamic and conventional banks. Besides, macroeconomic indicators (GDP and inflation) and regulatory quality influence both types of banks differently. Finally, both the financial crisis and political instability negatively affect bank performance.
{"title":"What Drives Banking Profitability During Financial Crisis and Political Turmoil? Evidence from the MENA Region","authors":"Salma Zaiane, F. B. Moussa","doi":"10.1177/09749101211031102","DOIUrl":"https://doi.org/10.1177/09749101211031102","url":null,"abstract":"The purpose of the study is to identify bank specific, macroeconomic, and stability determinants of both conventional and Islamic bank performance. We also try to identify evidence on the impact of financial crisis and political instability during the Arab Spring (AS) period. The study covers a sample of 123 banks (34 Islamic banks and 89 conventional banks from 13 Middle East and North Africa [MENA] countries) over the period 2000–2013. We use different proxies of performance as dependent variables: return on asset (ROA), return on equity (ROE), net income margin (NIM), and estimate several regressions using the dynamic generalized method of moments. Our results reveal that bank size, asset quality, specialization, and diversification are the major bank specific factors affecting performance of Islamic and conventional banks. Besides, macroeconomic indicators (GDP and inflation) and regulatory quality influence both types of banks differently. Finally, both the financial crisis and political instability negatively affect bank performance.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/09749101211031102","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46746013","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 : 2021-09-01DOI: 10.1177/09749101211031123
A. Rishad, S. Gupta, A. Sharma
Despite the adoption of a market-oriented regime, Reserve Bank of India explicitly practices sterilized intervention to normalize unfavourable developments in the market. This study seeks to find empirical evidence on the intensity to which the monetary authority was able to achieve its policy objective of directing exchange rate in the anticipated trail. The study employed an Autoregressive Distributed Lag (ARDL) model to estimate the central bank reaction function in this regard. It was found that 1% purchase of foreign exchange reserve (net intervention) depreciated Indian Rupee by 0.255% for long-term. Whereas in short-term, intervention followed “leaning against the wind” policy to curb market vagueness. The findings of the study recommend that there should be more coordinated approach between official intervention policy and monetary policy formulation in consonance with the economic fundamentals for increasing the effectiveness and sustainability of the intervention operations.
{"title":"Official Intervention and Exchange Rate Determination: Evidence from India","authors":"A. Rishad, S. Gupta, A. Sharma","doi":"10.1177/09749101211031123","DOIUrl":"https://doi.org/10.1177/09749101211031123","url":null,"abstract":"Despite the adoption of a market-oriented regime, Reserve Bank of India explicitly practices sterilized intervention to normalize unfavourable developments in the market. This study seeks to find empirical evidence on the intensity to which the monetary authority was able to achieve its policy objective of directing exchange rate in the anticipated trail. The study employed an Autoregressive Distributed Lag (ARDL) model to estimate the central bank reaction function in this regard. It was found that 1% purchase of foreign exchange reserve (net intervention) depreciated Indian Rupee by 0.255% for long-term. Whereas in short-term, intervention followed “leaning against the wind” policy to curb market vagueness. The findings of the study recommend that there should be more coordinated approach between official intervention policy and monetary policy formulation in consonance with the economic fundamentals for increasing the effectiveness and sustainability of the intervention operations.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/09749101211031123","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44051896","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 : 2021-09-01DOI: 10.1177/09749101211034097
H. G. Gebrihet, P. Pillay
There is global consensus on the need for information and communication technology (ICT) to support digital transformation in public administration. This is specifically true in decentralized public administration, where the stakeholders need a modern technology that integrates them. This study examines the emerging challenges and prospects of digital transformation and the stakeholders’ integration in urban land administration in Mekelle City, Ethiopia. An interpretive paradigm, qualitative analytical method, and case study strategy were adopted for this study. A total of 78 interviewees comprising 30 auctioneers, 20 experts, 20 officials, 4 judges, and 4 prosecutors participated based on the data saturation principle. The study revealed that digitalized land administration offers opportunities to reduce civil servants’ workload, improve cost-effective service delivery, and enhance trust between the municipal government and its clients. However, the system of urban land administration in the city is not digitalized due to financial limitations and leadership challenges. Furthermore, this study revealed a low level of stakeholders’ integration in Mekelle due to the lack of proper implementation of e-government, e-service, and e-participation, including lack of commitment by the stakeholders. Thus, a non-digitalized land administration system, insufficient capacity, and weak monitoring and evaluation systems impeded the client’s pursuit of enhanced municipal government services.
{"title":"Emerging Challenges and Prospects of Digital Transformation and Stakeholders Integration in Urban Land Administration in Ethiopia","authors":"H. G. Gebrihet, P. Pillay","doi":"10.1177/09749101211034097","DOIUrl":"https://doi.org/10.1177/09749101211034097","url":null,"abstract":"There is global consensus on the need for information and communication technology (ICT) to support digital transformation in public administration. This is specifically true in decentralized public administration, where the stakeholders need a modern technology that integrates them. This study examines the emerging challenges and prospects of digital transformation and the stakeholders’ integration in urban land administration in Mekelle City, Ethiopia. An interpretive paradigm, qualitative analytical method, and case study strategy were adopted for this study. A total of 78 interviewees comprising 30 auctioneers, 20 experts, 20 officials, 4 judges, and 4 prosecutors participated based on the data saturation principle. The study revealed that digitalized land administration offers opportunities to reduce civil servants’ workload, improve cost-effective service delivery, and enhance trust between the municipal government and its clients. However, the system of urban land administration in the city is not digitalized due to financial limitations and leadership challenges. Furthermore, this study revealed a low level of stakeholders’ integration in Mekelle due to the lack of proper implementation of e-government, e-service, and e-participation, including lack of commitment by the stakeholders. Thus, a non-digitalized land administration system, insufficient capacity, and weak monitoring and evaluation systems impeded the client’s pursuit of enhanced municipal government services.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44168025","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 : 2021-08-26DOI: 10.1177/09749101211040144
Musiliu Okesina
Over the last three decades, microfinance has featured in the Global South development policies as a potential contributor to inclusive financial services, poverty reduction and women empowerment. However, why women are the primary customers of microfinance banks and institutions remains an ongoing research subject. This article presents a study of women in Rivers State, Nigeria, using qualitative research approach. It was found that microfinance financial inclusion objectives in Nigeria are targeted at the active poor—those who own small business and rely on group lending methodology and collateral substitutes to minimize lending risks. Of the active poor, microfinance prioritizes women because of gender stereotypes that women have more “integrity,” show more commitment to loan contracts and are more susceptible to social pressure and sanctions. Targeting women is, therefore, a deliberate and strategic policy to advance the interest of microfinance backers. Therefore, this author contends that microfinance is not a scheme that provides whole-scale financial inclusion and poverty reduction. Instead, it seeks to leverage income-generating activities of the active poor to extract profits. Consequently, the article contributes towards illuminating the role of gender and local context in microfinance practices.
{"title":"Why Does Microfinance Target Women? Empirical Evidence from Nigeria","authors":"Musiliu Okesina","doi":"10.1177/09749101211040144","DOIUrl":"https://doi.org/10.1177/09749101211040144","url":null,"abstract":"Over the last three decades, microfinance has featured in the Global South development policies as a potential contributor to inclusive financial services, poverty reduction and women empowerment. However, why women are the primary customers of microfinance banks and institutions remains an ongoing research subject. This article presents a study of women in Rivers State, Nigeria, using qualitative research approach. It was found that microfinance financial inclusion objectives in Nigeria are targeted at the active poor—those who own small business and rely on group lending methodology and collateral substitutes to minimize lending risks. Of the active poor, microfinance prioritizes women because of gender stereotypes that women have more “integrity,” show more commitment to loan contracts and are more susceptible to social pressure and sanctions. Targeting women is, therefore, a deliberate and strategic policy to advance the interest of microfinance backers. Therefore, this author contends that microfinance is not a scheme that provides whole-scale financial inclusion and poverty reduction. Instead, it seeks to leverage income-generating activities of the active poor to extract profits. Consequently, the article contributes towards illuminating the role of gender and local context in microfinance practices.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46185641","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 : 2021-08-26DOI: 10.1177/09749101211034110
Hilda Yanuar Jong
The US–China trade war creates significant opportunities for developing countries, as global manufacturers need to relocate their production facilities out of China to avoid future tariff hikes. However, Indonesia as the biggest economy in the ASEAN is not experiencing any substantial advantage relative to its neighbors, especially compared to Vietnam. While there is no clarity on how long the trade war will last, it is important for Indonesia to strategize quickly to capitalize the opportunities. This article addresses the question of how Indonesia should strategize through country comparison and analysis of two types of policy competition, namely, incentives-based (IBC) and rules-based competition (RBC). In the short-term, Indonesia should be more accommodating for investors of all sizes and maximize the trade-related investment assistance. In the longer term, Indonesia should prudently open up to trade, improve cooperation between investment and trade functions, and build a positive public mindset for free trade.
{"title":"The Art of Trade War: Spurring Investments in Indonesia Amidst the US–China Trade War","authors":"Hilda Yanuar Jong","doi":"10.1177/09749101211034110","DOIUrl":"https://doi.org/10.1177/09749101211034110","url":null,"abstract":"The US–China trade war creates significant opportunities for developing countries, as global manufacturers need to relocate their production facilities out of China to avoid future tariff hikes. However, Indonesia as the biggest economy in the ASEAN is not experiencing any substantial advantage relative to its neighbors, especially compared to Vietnam. While there is no clarity on how long the trade war will last, it is important for Indonesia to strategize quickly to capitalize the opportunities. This article addresses the question of how Indonesia should strategize through country comparison and analysis of two types of policy competition, namely, incentives-based (IBC) and rules-based competition (RBC). In the short-term, Indonesia should be more accommodating for investors of all sizes and maximize the trade-related investment assistance. In the longer term, Indonesia should prudently open up to trade, improve cooperation between investment and trade functions, and build a positive public mindset for free trade.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41470947","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 : 2021-08-24DOI: 10.1177/09749101211034111
P. Sharma, Nidhi Sharma
The study intends to examine the convergence of per capita income in emerging market economies (EMEs) toward a steady state for the post reform period (1999–2019). Cross-sectional regression analysis has been performed for unconditional convergence and a panel data regression to find the conditional convergence in EMEs. Sigma convergence has been applied to find the dispersion of income level in EMEs. In addition, to find the impact of global financial crisis on the convergence process of EMEs, unit root test with one structural break has been applied. The findings indicate that there exists unconditional convergence among EMEs toward a common steady state. Further, the results show a significant role of all control variables except education in the growth process but prove the absence of conditional convergence in selected EMEs. The results of sigma convergence find that the dispersion of per capita income is declining in EMEs, showing the sign of sigma convergence in EMEs. However, this study provides further scope to examine per capita income convergence among EMEs by including other variables and their effect on the convergence process of EMEs.
{"title":"An Examination of Per Capita Income Convergence in Emerging Market Economies","authors":"P. Sharma, Nidhi Sharma","doi":"10.1177/09749101211034111","DOIUrl":"https://doi.org/10.1177/09749101211034111","url":null,"abstract":"The study intends to examine the convergence of per capita income in emerging market economies (EMEs) toward a steady state for the post reform period (1999–2019). Cross-sectional regression analysis has been performed for unconditional convergence and a panel data regression to find the conditional convergence in EMEs. Sigma convergence has been applied to find the dispersion of income level in EMEs. In addition, to find the impact of global financial crisis on the convergence process of EMEs, unit root test with one structural break has been applied. The findings indicate that there exists unconditional convergence among EMEs toward a common steady state. Further, the results show a significant role of all control variables except education in the growth process but prove the absence of conditional convergence in selected EMEs. The results of sigma convergence find that the dispersion of per capita income is declining in EMEs, showing the sign of sigma convergence in EMEs. However, this study provides further scope to examine per capita income convergence among EMEs by including other variables and their effect on the convergence process of EMEs.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46362710","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 : 2021-05-01DOI: 10.1177/09749101211004378
Min Liu
The rise of emerging market countries is of great significance for improving global governance. This study finds that 30 emerging market countries (E30) 1 , especially those in Africa and Asia, are relatively weak in governance. In the future, improvement in governance would be a critical factor for the economic growth of E30 countries, especially if these countries enjoy political stability. Though most of the E30 countries lack political stability, they have the capability for good governance, and their governments are striving to become more effective, which is particularly true for Asian countries. Unfortunately, for Latin American countries, corruption is a serious problem likely to undermine economic development in the region.
{"title":"Politics and Governance in Emerging Market Countries","authors":"Min Liu","doi":"10.1177/09749101211004378","DOIUrl":"https://doi.org/10.1177/09749101211004378","url":null,"abstract":"The rise of emerging market countries is of great significance for improving global governance. This study finds that 30 emerging market countries (E30) 1 , especially those in Africa and Asia, are relatively weak in governance. In the future, improvement in governance would be a critical factor for the economic growth of E30 countries, especially if these countries enjoy political stability. Though most of the E30 countries lack political stability, they have the capability for good governance, and their governments are striving to become more effective, which is particularly true for Asian countries. Unfortunately, for Latin American countries, corruption is a serious problem likely to undermine economic development in the region.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/09749101211004378","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49417219","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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