Pub Date : 2023-06-29DOI: 10.1080/17520843.2023.2229113
Fang Dong, William Marquis
{"title":"International reserves, economic crisis and monetary autonomy in Asia: a panel data analysis","authors":"Fang Dong, William Marquis","doi":"10.1080/17520843.2023.2229113","DOIUrl":"https://doi.org/10.1080/17520843.2023.2229113","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46230491","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 : 2023-05-30DOI: 10.1080/17520843.2023.2213943
Rachita Gulati
ABSTRACT This paper examines whether regulatory compliance with governance norms explains the profit efficiency of Indian banks. Using a data envelopment analysis approach, a compliance index is built on 48 governance norms defined on board, audit, risk, remuneration, shareholder relationship, and disclosures. The study also identifies the position of banks on a 2 × 2 matrix based on their governance and profit efficiency levels. The econometric analysis establishes that mere regulatory compliance with governance codes does not necessarily ensure higher profit efficiency. Instead, the panel quantile estimates uncover evidence of a positive externality to governance compliance for banks with low profit efficiency levels.KEYWORDS: Systemically important banksbank governanceprofit efficiencydynamic panel modelspanel quantileemerging economydata envelopment analysisIndian banksJEL: G21G28G38 Disclosure statementNo potential conflict of interest was reported by the author(s).Supplementary materialSupplemental data for this article can be accessed online at https://doi.org/10.1080/17520843.2023.2213943.Additional informationNotes on contributorsRachita GulatiRachita Gulati is an Associate Professor of Economics at the Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Roorkee, Uttarakhand. She received the Subir Chowdhury Visiting Fellowship 2017–2018 from the India Observatory, London School of Economics and Political Sciences, London, UK. Her teaching and research interests relate to applied econometrics, banking efficiency, financial institutions, financial stability, corporate governance, and efficiency and productivity analysis. She has been working and gaining experience in this area for the past 14 years and has formulated several mathematical and non-parametric benchmarking models to measure efficiency performance, which she has applied to banks, microfinance institutions, investors, insurers, etc. She has published more than two dozen articles in top-ranked journals, including Omega, Quarterly Review of Finance and Economics, Economic Modelling, Australian Economic Papers, The North American Journal of Finance and Accounting, among others. She has worked on project studies awarded/sponsored by the Reserve Bank of India, the State Finance Commission of Haryana, the Ministry of Tribal Affairs, and the ICSSR, among others. She is the co-author of a book, ‘Deregulation and Efficiency of Indian Banks’ (Springer). She is also a member of several national and international associations, including the International Society of Efficiency and Productivity Analysis, the Indian Econometric Society, the International Corporate Governance Society, the International Econometric Society, etc.
摘要本文考察了印度银行的监管合规是否能够解释银行的利润效率。使用数据包络分析方法，在董事会、审计、风险、薪酬、股东关系和披露方面定义的48项治理规范的基础上建立合规指数。该研究还根据银行的治理和利润效率水平确定了银行在2 × 2矩阵中的位置。计量经济学分析表明，仅仅遵守治理准则并不一定能确保更高的利润效率。相反，该小组的分位数估计揭示了利润效率水平较低的银行在治理合规方面存在正外部性的证据。关键词:系统重要性银行银行治理利润效率动态面板模型面板量化新兴经济体数据包络分析印度银行披露声明作者未报告潜在的利益冲突。本文的补充资料可在https://doi.org/10.1080/17520843.2023.2213943.Additional info网站上获得。作者简介:本文作者是北阿坎德邦鲁尔基印度理工学院(IIT)人文与社会科学系经济学副教授。她获得了英国伦敦政治经济学院印度天文台2017-2018年度的访问学者奖学金。她的教学和研究兴趣涉及应用计量经济学、银行效率、金融机构、金融稳定、公司治理、效率和生产力分析。在过去的14年里，她一直在这一领域工作并积累经验，并制定了几个数学和非参数基准模型来衡量效率绩效，她已将其应用于银行，小额信贷机构，投资者，保险公司等。她在包括Omega、Quarterly Review of Finance and Economics、Economic modeling、Australian Economic Papers、The North American Journal of Finance and Accounting等顶级期刊上发表了二十多篇文章。她曾参与由印度储备银行、哈里亚纳邦国家财政委员会、部落事务部和ICSSR等机构颁发/赞助的项目研究。她是《印度银行的放松管制和效率》一书的合著者(施普林格出版社)。她也是多个国家和国际协会的成员，包括国际效率与生产力分析学会、印度计量经济学会、国际公司治理学会、国际计量经济学会等。
{"title":"Did regulatory compliance with governance standards really enhance the profit efficiency of Indian banks?","authors":"Rachita Gulati","doi":"10.1080/17520843.2023.2213943","DOIUrl":"https://doi.org/10.1080/17520843.2023.2213943","url":null,"abstract":"ABSTRACT This paper examines whether regulatory compliance with governance norms explains the profit efficiency of Indian banks. Using a data envelopment analysis approach, a compliance index is built on 48 governance norms defined on board, audit, risk, remuneration, shareholder relationship, and disclosures. The study also identifies the position of banks on a 2 × 2 matrix based on their governance and profit efficiency levels. The econometric analysis establishes that mere regulatory compliance with governance codes does not necessarily ensure higher profit efficiency. Instead, the panel quantile estimates uncover evidence of a positive externality to governance compliance for banks with low profit efficiency levels.KEYWORDS: Systemically important banksbank governanceprofit efficiencydynamic panel modelspanel quantileemerging economydata envelopment analysisIndian banksJEL: G21G28G38 Disclosure statementNo potential conflict of interest was reported by the author(s).Supplementary materialSupplemental data for this article can be accessed online at https://doi.org/10.1080/17520843.2023.2213943.Additional informationNotes on contributorsRachita GulatiRachita Gulati is an Associate Professor of Economics at the Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Roorkee, Uttarakhand. She received the Subir Chowdhury Visiting Fellowship 2017–2018 from the India Observatory, London School of Economics and Political Sciences, London, UK. Her teaching and research interests relate to applied econometrics, banking efficiency, financial institutions, financial stability, corporate governance, and efficiency and productivity analysis. She has been working and gaining experience in this area for the past 14 years and has formulated several mathematical and non-parametric benchmarking models to measure efficiency performance, which she has applied to banks, microfinance institutions, investors, insurers, etc. She has published more than two dozen articles in top-ranked journals, including Omega, Quarterly Review of Finance and Economics, Economic Modelling, Australian Economic Papers, The North American Journal of Finance and Accounting, among others. She has worked on project studies awarded/sponsored by the Reserve Bank of India, the State Finance Commission of Haryana, the Ministry of Tribal Affairs, and the ICSSR, among others. She is the co-author of a book, ‘Deregulation and Efficiency of Indian Banks’ (Springer). She is also a member of several national and international associations, including the International Society of Efficiency and Productivity Analysis, the Indian Econometric Society, the International Corporate Governance Society, the International Econometric Society, etc.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135643729","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 : 2023-05-19DOI: 10.1080/17520843.2023.2211380
Susovon Jana, T. N. Sahu, K. Pandey
{"title":"Revisiting the cryptocurrencies role in stock markets: ADCC-GARCH and Wavelet Coherence","authors":"Susovon Jana, T. N. Sahu, K. Pandey","doi":"10.1080/17520843.2023.2211380","DOIUrl":"https://doi.org/10.1080/17520843.2023.2211380","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45886680","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 : 2023-05-19DOI: 10.1080/17520843.2023.2213031
N. Alimi, Radhouan Garbaa, Mouna Soussi
{"title":"Do real exchange rate changes matter for industrial policy in emerging markets?","authors":"N. Alimi, Radhouan Garbaa, Mouna Soussi","doi":"10.1080/17520843.2023.2213031","DOIUrl":"https://doi.org/10.1080/17520843.2023.2213031","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42382941","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 : 2023-05-12DOI: 10.1080/17520843.2023.2210451
Getaneh Mihret Ayele
{"title":"The behavior of the real effective exchange rate of Ethiopia: does misalignment exist?","authors":"Getaneh Mihret Ayele","doi":"10.1080/17520843.2023.2210451","DOIUrl":"https://doi.org/10.1080/17520843.2023.2210451","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"60147138","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 : 2023-04-10DOI: 10.1080/17520843.2023.2195738
{"title":"Comparing the inflationary impacts of uncertainty between advanced and emerging economies","authors":"","doi":"10.1080/17520843.2023.2195738","DOIUrl":"https://doi.org/10.1080/17520843.2023.2195738","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44900081","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 : 2023-03-31DOI: 10.1080/17520843.2023.2194121
S. M. Cakici
{"title":"Macroeconomic stability and foreign direct investment","authors":"S. M. Cakici","doi":"10.1080/17520843.2023.2194121","DOIUrl":"https://doi.org/10.1080/17520843.2023.2194121","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48620891","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 : 2023-02-02DOI: 10.1080/17520843.2023.2170068
O. Thakur, Bany Ariffin Amin Noordin, B. T. Matemilola, Md. Kausar Alam
ABSTRACT The study investigates the impact of goodwill assets on firms’ capital structure and examines the indirect impact of the legal system on the relationship between goodwill assets and firms’ capital structure (debt ratio). The study uses 4912 firms from 23 developing countries covering the 2010 to 2018 periods. The findings show a robust positive relationship between goodwill assets and firms’ capital structure in developing countries. Moreover, the country’s legal system positively impacts the firms’ capital structure. Furthermore, the impact of goodwill assets on firms’ capital structure is weaker in countries where common law is practiced.
{"title":"Impact of goodwill on firms capital structure in developed and developing countries: moderating effects of legal system","authors":"O. Thakur, Bany Ariffin Amin Noordin, B. T. Matemilola, Md. Kausar Alam","doi":"10.1080/17520843.2023.2170068","DOIUrl":"https://doi.org/10.1080/17520843.2023.2170068","url":null,"abstract":"ABSTRACT The study investigates the impact of goodwill assets on firms’ capital structure and examines the indirect impact of the legal system on the relationship between goodwill assets and firms’ capital structure (debt ratio). The study uses 4912 firms from 23 developing countries covering the 2010 to 2018 periods. The findings show a robust positive relationship between goodwill assets and firms’ capital structure in developing countries. Moreover, the country’s legal system positively impacts the firms’ capital structure. Furthermore, the impact of goodwill assets on firms’ capital structure is weaker in countries where common law is practiced.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"39 1","pages":"525 - 544"},"PeriodicalIF":1.3,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"60147054","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 : 2023-01-26DOI: 10.1080/17520843.2023.2170069
N. Arora, K. Sharma
{"title":"Determinants of intra-regional capital flows in South-Asia - a multilevel generalized structural equation modelling based gravity analysis of intra-SAARC FDI","authors":"N. Arora, K. Sharma","doi":"10.1080/17520843.2023.2170069","DOIUrl":"https://doi.org/10.1080/17520843.2023.2170069","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43643204","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 : 2023-01-13DOI: 10.1080/17520843.2022.2154480
Reza Ghaffari Gol Afshani, Mir Feiz FallahShams, M. Safa, Hossein Jahangirnia
{"title":"Designing a Financial Volatility Index (FVI): approach to machine learning models in uncertainty","authors":"Reza Ghaffari Gol Afshani, Mir Feiz FallahShams, M. Safa, Hossein Jahangirnia","doi":"10.1080/17520843.2022.2154480","DOIUrl":"https://doi.org/10.1080/17520843.2022.2154480","url":null,"abstract":"","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41668350","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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