Pub Date : 2021-09-27DOI: 10.1080/17520843.2021.1983705
P. Naik, Y. Reddy
This study examines the impact of macroeconomic indicators on the liquidity of the Indian stock market by using the Granger Causality, Vector Auto-Regressive Model, and Impulse Response Functions. ...
{"title":"Determinants of stock market liquidity – a macroeconomic perspective","authors":"P. Naik, Y. Reddy","doi":"10.1080/17520843.2021.1983705","DOIUrl":"https://doi.org/10.1080/17520843.2021.1983705","url":null,"abstract":"This study examines the impact of macroeconomic indicators on the liquidity of the Indian stock market by using the Granger Causality, Vector Auto-Regressive Model, and Impulse Response Functions. ...","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43060884","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 : 2021-09-22DOI: 10.1080/17520843.2021.1974507
G. Ebuh, Afees A. Salisu, V. Oboh, N. Usman
ABSTRACT This study tests the contributions of urban and rural inflation to inflation persistence in Nigeria using the fractional cointegration VAR model and the univariate fractional integration approaches. The results indicate a high contribution of urban and rural inflation to the overall inflation persistence in Nigeria albeit with contrasting evidence for the pre-and post-Global Financial Crisis (GFC) periods. While the urban inflation contributed more than the rural inflation to the persistence of the overall inflation during the pre-GFC, the converse holds during the post-GFC. Although, the empirical analysis of the factors underlying this outcome is reserved for future research, bridging the gap between the two inflation subsamples would be a plausible policy action.
{"title":"A test for the contributions of urban and rural inflation to inflation persistence in Nigeria","authors":"G. Ebuh, Afees A. Salisu, V. Oboh, N. Usman","doi":"10.1080/17520843.2021.1974507","DOIUrl":"https://doi.org/10.1080/17520843.2021.1974507","url":null,"abstract":"ABSTRACT This study tests the contributions of urban and rural inflation to inflation persistence in Nigeria using the fractional cointegration VAR model and the univariate fractional integration approaches. The results indicate a high contribution of urban and rural inflation to the overall inflation persistence in Nigeria albeit with contrasting evidence for the pre-and post-Global Financial Crisis (GFC) periods. While the urban inflation contributed more than the rural inflation to the persistence of the overall inflation during the pre-GFC, the converse holds during the post-GFC. Although, the empirical analysis of the factors underlying this outcome is reserved for future research, bridging the gap between the two inflation subsamples would be a plausible policy action.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46647100","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 : 2021-09-21DOI: 10.1080/17520843.2021.1979327
Harit Satt, Sarah Nechbaoui, M. Hassan, Zairihan Abdul Halim
{"title":"Institutional ownership and firm performance: the case of Morocco","authors":"Harit Satt, Sarah Nechbaoui, M. Hassan, Zairihan Abdul Halim","doi":"10.1080/17520843.2021.1979327","DOIUrl":"https://doi.org/10.1080/17520843.2021.1979327","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42970055","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 : 2021-09-20DOI: 10.1080/17520843.2021.1979328
Yuwei Du, Y. Fan, Xiang Hu
ABSTRACT By drawing on the panel data of health care inputs and outputs from 31China’s provinces in the period 2004–2020, we apply the Malmquist DEA model to measure the TFP, TC (Technology change), EC (Efficiency change), PEC (Pure efficiency change or pure technical efficiency change) and SEC (Scale efficiency change) of the provincialgovernment’s health care expenditure. We find that the average TFP of China’s 31 provincial health care expenditure was lower than 1. We note this applies irrespective of the implementation of NHCR (New Health Care Reform), and also observe the average TFP was much higher after NHCR was implemented.
{"title":"The efficiency of provincial government health care expenditure after China’s new health care reform","authors":"Yuwei Du, Y. Fan, Xiang Hu","doi":"10.1080/17520843.2021.1979328","DOIUrl":"https://doi.org/10.1080/17520843.2021.1979328","url":null,"abstract":"ABSTRACT By drawing on the panel data of health care inputs and outputs from 31China’s provinces in the period 2004–2020, we apply the Malmquist DEA model to measure the TFP, TC (Technology change), EC (Efficiency change), PEC (Pure efficiency change or pure technical efficiency change) and SEC (Scale efficiency change) of the provincialgovernment’s health care expenditure. We find that the average TFP of China’s 31 provincial health care expenditure was lower than 1. We note this applies irrespective of the implementation of NHCR (New Health Care Reform), and also observe the average TFP was much higher after NHCR was implemented.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49253020","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 : 2021-09-14DOI: 10.1080/17520843.2021.1974508
Biagio Bossone
ABSTRACT This article revisits the Portfolio Theory of Inflation (PTI), with a view to further articulating its findings and implications. The article adds to the micro-foundations of the PTI, framing more rigorously the role of global investors as international allocators of capital resources, and providing richer analysis of their interaction with macroeconomic policies at country level. The article explores how country credibility enters the capital allocation choice process of global investors and how global investor choices shape the space available to country policy making, determining the extent to which the effect of macro-policies dissipates into exchange rate depreciation and higher inflation.
{"title":"The portfolio theory of inflation and policy (in)effectiveness: a revisitation","authors":"Biagio Bossone","doi":"10.1080/17520843.2021.1974508","DOIUrl":"https://doi.org/10.1080/17520843.2021.1974508","url":null,"abstract":"ABSTRACT This article revisits the Portfolio Theory of Inflation (PTI), with a view to further articulating its findings and implications. The article adds to the micro-foundations of the PTI, framing more rigorously the role of global investors as international allocators of capital resources, and providing richer analysis of their interaction with macroeconomic policies at country level. The article explores how country credibility enters the capital allocation choice process of global investors and how global investor choices shape the space available to country policy making, determining the extent to which the effect of macro-policies dissipates into exchange rate depreciation and higher inflation.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44349741","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 : 2021-09-14DOI: 10.1080/17520843.2021.1976465
Zoltán Krajcsák, H. Bui, Nicholas Chandler
ABSTRACT The purpose of this paper is to develop an integrated research model and construct research hypotheses based on an extensive review of the published empirical research, theoretical foundations and financial performance measures relating to corporate governance. Literature indicates there is no ‘one size fits all’ governance mechanism. Four elements were found to be suitable for examining corporate governance. For selecting financial performance measures, the most meaningful results could be attained through a combination of ROA/ROE, Tobin’s Q, Company’s share price, alongside the CG Index.
{"title":"Assessing the impact of corporate governance on financial performance of listed companies in Vietnam","authors":"Zoltán Krajcsák, H. Bui, Nicholas Chandler","doi":"10.1080/17520843.2021.1976465","DOIUrl":"https://doi.org/10.1080/17520843.2021.1976465","url":null,"abstract":"ABSTRACT The purpose of this paper is to develop an integrated research model and construct research hypotheses based on an extensive review of the published empirical research, theoretical foundations and financial performance measures relating to corporate governance. Literature indicates there is no ‘one size fits all’ governance mechanism. Four elements were found to be suitable for examining corporate governance. For selecting financial performance measures, the most meaningful results could be attained through a combination of ROA/ROE, Tobin’s Q, Company’s share price, alongside the CG Index.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49219334","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 : 2021-09-06DOI: 10.1080/17520843.2021.1975792
A. Gyeke-dako, Gladys A. Abindaw Nabieu, Maryam Kriese, B. Kusi
ABSTRACT This study examines how financial sector transparency (FST) administered through credit information sharing helps reduce the BLC growth induced by PBC in an emerging economy in Africa. The study employs twenty-seven 27 banks in Ghana over three (3) different political election cycles between 2006 and 2016. The results are estimated using robust random effect panel models with technological and year effect controls. The results shows that (i) PBC increases liquidity creation by banks, (ii) FST administered through credit information sharing encourages BLC, (iii) the joint term of PBC and FST yields a negative synergetic effect on BLC and (iv) promoting FST dampens the growth in liquidity creation induced by PBC in Ghana. These results imply that bank managers, regulators and policymakers must be mindful of liquidity creation especially during election periods since it can lead to soaring credit defaults and losses. Also, FST can be used as tool for suppressing growth in liquidity creation induced through PBC by help banks screen out bad political dealings and politicians.
{"title":"Political business cycle and bank liquidity creation in Ghana: the role of financial sector transparency","authors":"A. Gyeke-dako, Gladys A. Abindaw Nabieu, Maryam Kriese, B. Kusi","doi":"10.1080/17520843.2021.1975792","DOIUrl":"https://doi.org/10.1080/17520843.2021.1975792","url":null,"abstract":"ABSTRACT This study examines how financial sector transparency (FST) administered through credit information sharing helps reduce the BLC growth induced by PBC in an emerging economy in Africa. The study employs twenty-seven 27 banks in Ghana over three (3) different political election cycles between 2006 and 2016. The results are estimated using robust random effect panel models with technological and year effect controls. The results shows that (i) PBC increases liquidity creation by banks, (ii) FST administered through credit information sharing encourages BLC, (iii) the joint term of PBC and FST yields a negative synergetic effect on BLC and (iv) promoting FST dampens the growth in liquidity creation induced by PBC in Ghana. These results imply that bank managers, regulators and policymakers must be mindful of liquidity creation especially during election periods since it can lead to soaring credit defaults and losses. Also, FST can be used as tool for suppressing growth in liquidity creation induced through PBC by help banks screen out bad political dealings and politicians.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48172968","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 : 2021-09-03DOI: 10.1080/17520843.2021.1973787
Thuy Tien Ho, Van Nguyen, Thi Ngoc Han Nguyen
ABSTRACT Fiscal deficits, the result of the government’s fiscal policy in the direction of promoting economic growth and development, can be inflationary and cause social instability. Does the fiscal deficit – inflation relationship depend on the governance environment? To answer this question, the study uses the two-step difference GMM Arellano-Bond estimator to investigate the effects of fiscal deficit, governance, and their interaction on inflation for a sample of 34 developed countries with good governance environment and a sample of 86 developing countries with bad one from 2002 to 2019. The robustness of estimates is tested by the one-step difference GMM Arellano-Bond estimator. The estimated results show the fiscal deficit – inflation relationship strongly depends on the governance environment. Indeed, fiscal deficit and governance are deflationary in developed countries but inflationary in developing ones. In addition, public debt stimulates inflation in both two groups of countries. These findings suggest some important policy implications for governments in developing countries in reforming and improving the governance environment.
{"title":"The different role of governance in the fiscal deficit – inflation between developed and developing countries","authors":"Thuy Tien Ho, Van Nguyen, Thi Ngoc Han Nguyen","doi":"10.1080/17520843.2021.1973787","DOIUrl":"https://doi.org/10.1080/17520843.2021.1973787","url":null,"abstract":"ABSTRACT Fiscal deficits, the result of the government’s fiscal policy in the direction of promoting economic growth and development, can be inflationary and cause social instability. Does the fiscal deficit – inflation relationship depend on the governance environment? To answer this question, the study uses the two-step difference GMM Arellano-Bond estimator to investigate the effects of fiscal deficit, governance, and their interaction on inflation for a sample of 34 developed countries with good governance environment and a sample of 86 developing countries with bad one from 2002 to 2019. The robustness of estimates is tested by the one-step difference GMM Arellano-Bond estimator. The estimated results show the fiscal deficit – inflation relationship strongly depends on the governance environment. Indeed, fiscal deficit and governance are deflationary in developed countries but inflationary in developing ones. In addition, public debt stimulates inflation in both two groups of countries. These findings suggest some important policy implications for governments in developing countries in reforming and improving the governance environment.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47593181","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 : 2021-09-02DOI: 10.1080/17520843.2021.1990436
{"title":"Referee Award - Volume 14","authors":"","doi":"10.1080/17520843.2021.1990436","DOIUrl":"https://doi.org/10.1080/17520843.2021.1990436","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47795257","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 : 2021-08-20DOI: 10.1080/17520843.2021.1969086
R. Venkataramani, P. Kayal
ABSTRACT This paper examines the performance of the Systematic Investment Plan (SIP) and different market timing strategies. The components of the NIFTY50 index are considered for the analysis. The empirical results suggest SIP as a suitable investment strategy for long-term investments and for the stocks belonging to least and moderately volatile. During shocks, absolute momentum investment is a superior short-term investment strategy for highly volatile sectors. Fundamental values also play an important role in deciding the suitable investment strategy. Over the long run, stocks with a higher return on capital employed (ROCE), favours the SIP investment strategy.
{"title":"Systematic investment plans vs market-timed investments","authors":"R. Venkataramani, P. Kayal","doi":"10.1080/17520843.2021.1969086","DOIUrl":"https://doi.org/10.1080/17520843.2021.1969086","url":null,"abstract":"ABSTRACT This paper examines the performance of the Systematic Investment Plan (SIP) and different market timing strategies. The components of the NIFTY50 index are considered for the analysis. The empirical results suggest SIP as a suitable investment strategy for long-term investments and for the stocks belonging to least and moderately volatile. During shocks, absolute momentum investment is a superior short-term investment strategy for highly volatile sectors. Fundamental values also play an important role in deciding the suitable investment strategy. Over the long run, stocks with a higher return on capital employed (ROCE), favours the SIP investment strategy.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43238170","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：