Pub Date : 2023-11-27DOI: 10.1080/17520843.2023.2276613
Daniel Ofori-Sasu, Gloria Clarissa Dzeha, Baah Aye Kusi, Abel Mawuko Agoba
The study examines the effect of monetary policy and prudential regulations on bank lending behaviour in Africa. This study employs the Two-Stage Least Square (2SLS) estimation technique for a pane...
{"title":"Monetary policy, prudential regulations and bank lending behaviour in Africa","authors":"Daniel Ofori-Sasu, Gloria Clarissa Dzeha, Baah Aye Kusi, Abel Mawuko Agoba","doi":"10.1080/17520843.2023.2276613","DOIUrl":"https://doi.org/10.1080/17520843.2023.2276613","url":null,"abstract":"The study examines the effect of monetary policy and prudential regulations on bank lending behaviour in Africa. This study employs the Two-Stage Least Square (2SLS) estimation technique for a pane...","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"84 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508442","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 : 2023-11-23DOI: 10.1080/17520843.2023.2284455
Jamel Boukhatem, Fatma Ben Moussa
The purpose of this paper is to examine financial inclusion indicators with some institutional quality indicators to better understand their combined effect on economic growth in the context of MEN...
本文的目的是考察普惠金融指标与一些制度质量指标，以更好地理解它们在男性背景下对经济增长的综合影响。
{"title":"Financial inclusion, institutional quality, and economic growth in MENA countries: some evidence from panel cointegration","authors":"Jamel Boukhatem, Fatma Ben Moussa","doi":"10.1080/17520843.2023.2284455","DOIUrl":"https://doi.org/10.1080/17520843.2023.2284455","url":null,"abstract":"The purpose of this paper is to examine financial inclusion indicators with some institutional quality indicators to better understand their combined effect on economic growth in the context of MEN...","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"84 3","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508441","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 : 2023-09-18DOI: 10.1080/17520843.2023.2258689
Luccas Assis Attílio
ABSTRACTWe analyse the responses of the monetary policy of five (Brazil, Chile, Mexico, India, and South Africa) emerging market economies (EME) to domestic and external (U.S.) shocks. We argue that the domestic policy rate is sensitive to risk premiums, financial markets, and the world economy, showing that Taylor’s Rule can benefit from the inclusion of these variables to understand the behaviour of the monetary authority. Therefore, our results suggest the following: i) policy rates are affected by risk premiums, ii) domestic monetary policy is affected by exchange rates, stock markets, and the U.S. and iii) there is heterogeneity in the factors explaining the behaviour of central banks.KEYWORDS: Monetary policypolicy raterisk premiumEmerging market economiesGVARJEL classification: E52E32E37F47 Disclosure statementNo potential conflict of interest was reported by the author(s).Data availability statementThe data supporting the findings of this study are available from the corresponding author upon reasonable request.Additional informationFundingThis research did not receive any specific grants from public, commercial, or non-profit agencies.Notes on contributorsLuccas Assis AttílioLuccas Assis Attílio, Professor of Economics at the Federal University of Ouro Preto (UFOP). Ph.D. in Economics at the University of São Paulo (USP).
{"title":"The endogeneity of monetary policies of emerging market economies","authors":"Luccas Assis Attílio","doi":"10.1080/17520843.2023.2258689","DOIUrl":"https://doi.org/10.1080/17520843.2023.2258689","url":null,"abstract":"ABSTRACTWe analyse the responses of the monetary policy of five (Brazil, Chile, Mexico, India, and South Africa) emerging market economies (EME) to domestic and external (U.S.) shocks. We argue that the domestic policy rate is sensitive to risk premiums, financial markets, and the world economy, showing that Taylor’s Rule can benefit from the inclusion of these variables to understand the behaviour of the monetary authority. Therefore, our results suggest the following: i) policy rates are affected by risk premiums, ii) domestic monetary policy is affected by exchange rates, stock markets, and the U.S. and iii) there is heterogeneity in the factors explaining the behaviour of central banks.KEYWORDS: Monetary policypolicy raterisk premiumEmerging market economiesGVARJEL classification: E52E32E37F47 Disclosure statementNo potential conflict of interest was reported by the author(s).Data availability statementThe data supporting the findings of this study are available from the corresponding author upon reasonable request.Additional informationFundingThis research did not receive any specific grants from public, commercial, or non-profit agencies.Notes on contributorsLuccas Assis AttílioLuccas Assis Attílio, Professor of Economics at the Federal University of Ouro Preto (UFOP). Ph.D. in Economics at the University of São Paulo (USP).","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135202390","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 : 2023-09-15DOI: 10.1080/17520843.2023.2257047
Manu Abraham, Santhosh Kumar S
ABSTRACTThere is a relative absence of research that addresses the role of IPO grading on Earnings management (EM) in India. This study examines the earnings management practices among Indian companies that went for IPOs during the mandatory IPO grading era and the optional IPO grading era. The study covers 351 companies that went public for the first time in India from 2008 to 2022. The study found that the AEM practices proxied by discretionary accruals are decreasing during the grading era and increasing in the optional grading era. On the other hand, REM is found to be increasing in the grading era and decreasing in the optional era.KEYWORDS: Accrual earnings managementreal earnings managementIPO gradingmandatory grading eraoptional grading eraJEL: M41 Disclosure statementNo potential conflict of interest was reported by the author(s).
{"title":"Does discretionary earnings management more common among Indian companies around their IPOs?","authors":"Manu Abraham, Santhosh Kumar S","doi":"10.1080/17520843.2023.2257047","DOIUrl":"https://doi.org/10.1080/17520843.2023.2257047","url":null,"abstract":"ABSTRACTThere is a relative absence of research that addresses the role of IPO grading on Earnings management (EM) in India. This study examines the earnings management practices among Indian companies that went for IPOs during the mandatory IPO grading era and the optional IPO grading era. The study covers 351 companies that went public for the first time in India from 2008 to 2022. The study found that the AEM practices proxied by discretionary accruals are decreasing during the grading era and increasing in the optional grading era. On the other hand, REM is found to be increasing in the grading era and decreasing in the optional era.KEYWORDS: Accrual earnings managementreal earnings managementIPO gradingmandatory grading eraoptional grading eraJEL: M41 Disclosure statementNo potential conflict of interest was reported by the author(s).","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"145 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135437438","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 : 2023-09-12DOI: 10.1080/17520843.2023.2256116
Muhammad Mushtaq, Chu Ei Yat, Muhammad Tahir, Badal Khan
This study examines how family firms adjust their leverage towards optimal leverage. We use the dynamic system generalized method of moments (GMM) for analysis. The findings reveal that South Asian family firms adjust about 24% towards target leverage using market leverage and about 28% while using book leverage. The findings further suggest that growth opportunities, GDP growth rate, distance, lending rate, term spread, and short-term interest rate increase the speed of adjustment towards the target leverage. On the contrary, profitability and differential between the T-bills rate and the bank rate decrease the speed of adjustment.
{"title":"Speed of adjustment and optimal leverage: evidencethe from South Asian family firms","authors":"Muhammad Mushtaq, Chu Ei Yat, Muhammad Tahir, Badal Khan","doi":"10.1080/17520843.2023.2256116","DOIUrl":"https://doi.org/10.1080/17520843.2023.2256116","url":null,"abstract":"This study examines how family firms adjust their leverage towards optimal leverage. We use the dynamic system generalized method of moments (GMM) for analysis. The findings reveal that South Asian family firms adjust about 24% towards target leverage using market leverage and about 28% while using book leverage. The findings further suggest that growth opportunities, GDP growth rate, distance, lending rate, term spread, and short-term interest rate increase the speed of adjustment towards the target leverage. On the contrary, profitability and differential between the T-bills rate and the bank rate decrease the speed of adjustment.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135826288","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 : 2023-09-02DOI: 10.1080/17520843.2023.2257431
Ashima Goyal, Subrata Sarkar
Under unprecedented global shocks emerging markets have held out relatively well. While growth slowed in the 2010s major emerging market (EM) financial or corporate crises were avoided. A key contributing factor has been improvements in institutions of governance. The research collected in this special edition explores many dimensions of this, covering governments, bank regulations and corporate governance. Better institutions create better incentives and lead to better outcomes. The papers’ rigorous evaluations in many different contexts and countries have lessons for other countries. And point towards new research to further our understanding of these important aspects. Global volatility has a cost and research in this area is critical to help risk-proofing in EMs. Most EMs implemented reform ideas available after the East Asian crisis since they had gained from openness and wanted to continue with it. But advanced economies (AEs) did not reform, leading inevitably to the global financial crisis (GFC) originating in AEs. The international financial system was also not reformed and EMs were left to manage alone large inflows in search of yield under zero AE interest rates and quantitative easing (QE) that followed the GFC. These quickly became outflows during periods of global risk-off. It is in the AEs interest to improve global safety nets since EMs now account for a large share of global growth. An earlier special issue in this area had looked at these risks and rewards of openness (Goyal, Sarkar, and Mallick 2012). The papers in this special issue explore the outcomes of specific governance measures EMs undertook. But risks evolve and continue. After the GFC major source AEs did tighten regulation for banks, where the crisis had originated with securitization failures. But they did not strengthen regulation for non-bank financial intermediaries (NBFIs), although influential macroeconomists recommended tighter universal macro-prudential regulations to accompany and mitigate risks from QE. As a result, cross border flows began to take place through NBFIs. Such arbitrage was only to be expected. EMs use macro-prudential tools more intensively compared to AEs. More AEs did start using such tools after the GFC, but AEs prudential regulation is largely limited to borrowers so that NBFIs’ risk-taking is not restrained (Goyal and Ray 2023). In AEs, loan-tovalue ratios to restrain consumer credit are the dominant measures used, in EMs it is FX position limits. Their prudential measures seem to have helped protect EM financial sectors so far. But under-regulation in AEs probably leads to over-regulation in EMs and reduces global welfare. Even for banks, the emphasis on self-regulation and own assessment of risks continued in AEs. The Trump government lightened regulations for small banks in 2018; they
{"title":"Governance, regulation, incentives and outcomes","authors":"Ashima Goyal, Subrata Sarkar","doi":"10.1080/17520843.2023.2257431","DOIUrl":"https://doi.org/10.1080/17520843.2023.2257431","url":null,"abstract":"Under unprecedented global shocks emerging markets have held out relatively well. While growth slowed in the 2010s major emerging market (EM) financial or corporate crises were avoided. A key contributing factor has been improvements in institutions of governance. The research collected in this special edition explores many dimensions of this, covering governments, bank regulations and corporate governance. Better institutions create better incentives and lead to better outcomes. The papers’ rigorous evaluations in many different contexts and countries have lessons for other countries. And point towards new research to further our understanding of these important aspects. Global volatility has a cost and research in this area is critical to help risk-proofing in EMs. Most EMs implemented reform ideas available after the East Asian crisis since they had gained from openness and wanted to continue with it. But advanced economies (AEs) did not reform, leading inevitably to the global financial crisis (GFC) originating in AEs. The international financial system was also not reformed and EMs were left to manage alone large inflows in search of yield under zero AE interest rates and quantitative easing (QE) that followed the GFC. These quickly became outflows during periods of global risk-off. It is in the AEs interest to improve global safety nets since EMs now account for a large share of global growth. An earlier special issue in this area had looked at these risks and rewards of openness (Goyal, Sarkar, and Mallick 2012). The papers in this special issue explore the outcomes of specific governance measures EMs undertook. But risks evolve and continue. After the GFC major source AEs did tighten regulation for banks, where the crisis had originated with securitization failures. But they did not strengthen regulation for non-bank financial intermediaries (NBFIs), although influential macroeconomists recommended tighter universal macro-prudential regulations to accompany and mitigate risks from QE. As a result, cross border flows began to take place through NBFIs. Such arbitrage was only to be expected. EMs use macro-prudential tools more intensively compared to AEs. More AEs did start using such tools after the GFC, but AEs prudential regulation is largely limited to borrowers so that NBFIs’ risk-taking is not restrained (Goyal and Ray 2023). In AEs, loan-tovalue ratios to restrain consumer credit are the dominant measures used, in EMs it is FX position limits. Their prudential measures seem to have helped protect EM financial sectors so far. But under-regulation in AEs probably leads to over-regulation in EMs and reduces global welfare. Even for banks, the emphasis on self-regulation and own assessment of risks continued in AEs. The Trump government lightened regulations for small banks in 2018; they","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134968359","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 : 2023-09-02DOI: 10.1080/17520843.2023.2248780
Nguyen Viet Hong Anh, Tran Thi Kim Oanh
To examine the impact of fiscal policy through public spending at provincial level in Vietnam, this study uses the combination among different regression methods for panel data of 63 Vietnamese provinces during the period 2010–2020. The Feasible General Least Squares (FGLS) estimator and S-GMM estimator shows that there exists a positive effect of government expenditure on provincial economic growth. Moreover, the contribution of investment expense to supporting economic activity is expected more effective than that of current expenditure in the context of Vietnamese provinces. With techniques for analysing the marginal effects of interactive variables in research model, the role of local institutional quality is confirmed to improve the positive impact of government expenditure on provincial economic growth. In general, some policy implications are suggested based on the results to help local government stimulate the economic development in Vietnam.
{"title":"Role of institution quality in the impact of government expenditure on economic development: a case study in Vietnamese provinces","authors":"Nguyen Viet Hong Anh, Tran Thi Kim Oanh","doi":"10.1080/17520843.2023.2248780","DOIUrl":"https://doi.org/10.1080/17520843.2023.2248780","url":null,"abstract":"To examine the impact of fiscal policy through public spending at provincial level in Vietnam, this study uses the combination among different regression methods for panel data of 63 Vietnamese provinces during the period 2010–2020. The Feasible General Least Squares (FGLS) estimator and S-GMM estimator shows that there exists a positive effect of government expenditure on provincial economic growth. Moreover, the contribution of investment expense to supporting economic activity is expected more effective than that of current expenditure in the context of Vietnamese provinces. With techniques for analysing the marginal effects of interactive variables in research model, the role of local institutional quality is confirmed to improve the positive impact of government expenditure on provincial economic growth. In general, some policy implications are suggested based on the results to help local government stimulate the economic development in Vietnam.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134968347","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 : 2023-08-03DOI: 10.1080/17520843.2023.2239613
T. J. Rao
{"title":"Influence of C.R. Rao in financial statistics","authors":"T. J. Rao","doi":"10.1080/17520843.2023.2239613","DOIUrl":"https://doi.org/10.1080/17520843.2023.2239613","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46654943","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 : 2023-07-24DOI: 10.1080/17520843.2023.2238993
Ngo Thi Minh Hai, Le Minh-Tu, Nguyen Dac Dung
{"title":"Survival of SMEs: business environment, financial performance, bank credit, and accounting errors","authors":"Ngo Thi Minh Hai, Le Minh-Tu, Nguyen Dac Dung","doi":"10.1080/17520843.2023.2238993","DOIUrl":"https://doi.org/10.1080/17520843.2023.2238993","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46842852","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 : 2023-07-20DOI: 10.1080/17520843.2023.2233266
Carmín C. L. Montante, Clemente Hernandez-Rodriguez
{"title":"Evaluating economic interventions during the 2008 financial and 2009 H1N1 crisis in USMCA","authors":"Carmín C. L. Montante, Clemente Hernandez-Rodriguez","doi":"10.1080/17520843.2023.2233266","DOIUrl":"https://doi.org/10.1080/17520843.2023.2233266","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43869409","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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