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Journal articles on the topic 'JEL Classification: F31'

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Published: 4 June 2025

Last updated: 15 July 2025

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1

Quah, Chee-Heong. "Exchange Rate Fixation between US, China, Japan and Eurozone." Margin: The Journal of Applied Economic Research 11, no. 2 (2017): 99–120. http://dx.doi.org/10.1177/0973801016689206.

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This article assesses the feasibility of exchange rate fixation among the largest economies today, namely, the US, Japan, China and Germany/Eurozone, by reviewing variables according to the optimum currency areas framework. The hypothesis is that with greater interconnectedness in general through time there should be greater convergence in the monetary integration dimensions. The period examined spans from 1980 to 2012, an over-30-year period, encompassing the recent episode of global contraction. While the findings are mixed, economically they seem to suggest a general trend towards greater c

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Rashid, Abdul, and Fazal Husain. "Capital Inflows, Inflation, and the Exchange Rate Volatility: An Investigation for Linear and Nonlinear Causal Linkages." Pakistan Development Review 52, no. 3 (2013): 183–206. http://dx.doi.org/10.30541/v52i3pp.183-206.

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This paper empirically examines the effect of foreign capital inflows on domestic price levels, monetary expansion, and the exchange rate volatility for Pakistan using linear and nonlinear causality tests. The key message emerging from the analysis is that there is a significant inflationary impact of capital inflows, in particular during the period of surges in capital inflows. Specifically, we find evidence of a significant nonlinear Granger causality running from capital inflows to the change in domestic prices. We also show that domestic prices are nonlinearly caused (in Granger sense) by

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OLUBIYI, E. A., A. RAHEEM, and A. A. ADEMOKOYA. "DYNAMIC EFFECTS OF REMITTANCES ON EXTERNAL RESERVES IN NIGERIA: THE ROLE OF INFLATION AND STRUCTURAL BREAKS." Journal of Humanities, Social Science and Creative Arts 13, no. 1 (2019): 119–41. http://dx.doi.org/10.51406/jhssca.v13i1.1934.

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This study provides additional information about the drivers of external reserves in Nigeria. The result using Autoregressive Distributed Lag (ARDL) model estimation approach for the period 1980-2015 shows that remittances, among other macroeconomic variables, increased external reserves in the short run but weakens it in the long run. Remittances depletes external reserves through its effect on inflation rate and the nonsterilized intervention of the Central Bank. Furthermore, regime shift to relatively floating exchange rate causes remittances to increase reserves. From the foregoing, it is

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Syarifuddin, Ferry, Noer Azam Achsani, Dedi Budiman Hakim, and Toni Bakhtiar. "FOREIGN EXCHANGE EXPECTATIONS IN INDONESIA: REGIME SWITCHING CHARTISTS AND FUNDAMENTALISTS APPROACH." Buletin Ekonomi Moneter dan Perbankan 17, no. 2 (2015): 197–220. http://dx.doi.org/10.21098/bemp.v17i2.49.

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In this research, the effect of central bank intervention within a heterogeneous expectation exchange rate model is investigated. The results are supporting both chartists and fundamentalist regimes. In the period investigated, chartist dominates in determining the exchange rate. While BI foreign exchange intervention can effectively push the market exchange-rate to its long-run fundamental equilibrium, however, Bank Indonesia’s effort to exert a stabilizing effect of foreign exchange interventions, the result does not show a success. Keywords: exchange rates, foreign-exchange intervention, sw

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Nugroho, M. Noor, Ibrahim Ibrahim, Tri Winarno, and Meily Ika Permata. "DAMPAK PEMBALIKAN MODAL DAN THRESHOLD DEFISIT NERACA BERJALAN TERHADAP NILAI TUKAR RUPIAH." Buletin Ekonomi Moneter dan Perbankan 16, no. 3 (2014): 219–46. http://dx.doi.org/10.21098/bemp.v16i3.22.

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This paper studies the effects of foreign capital flows toward the exchange rate of rupiah both in total and across types of capital investment. This paper also analyzes the thresholds of current account deficit which significantly affect the rate of Rupiah. The estimation shows the capital outflow affect the rate of Rupiah to depreciate and is larger than the appreciation pressure of capital inflow (except when invested in Certificate of Bank Indonesia, SBI). Furthermore, the rate of Rupiah is more sensitive on government bond (SUN) than stock or SBI. The yield of this government bond largely

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Augustine Kutu, Adebayo, and Harold Ngalawa. "Exchange rate volatility and global shocks in Russia: an application of GARCH and APARCH models." Investment Management and Financial Innovations 13, no. 4 (2016): 203–11. http://dx.doi.org/10.21511/imfi.13(4-1).2016.06.

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This study examines global shocks and the volatility of the Russian rubble/United States dollar exchange rate using the symmetric Generalized Autoregressive Conditional Heteroscedasticity (GARCH), and Asymmetric Power Autoregressive Conditional Heteroscedasticity (APARCH) models. The GARCH and APARCH are employed under normal (Normal Gaussian) and non-normal (Student’s t and Generalized Error) distributions. Using monthly exchange rate data covering January 1994 – December 2013, the study finds that the symmetric (GARCH) model has the best fit under the non-normal distribution, which improves

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Loriot, Blake, Elaine Hutson, and Hue Hwa Au Yong. "Equity-linked executive compensation, hedging and foreign exchange exposure: Australian evidence." Australian Journal of Management 45, no. 1 (2019): 72–93. http://dx.doi.org/10.1177/0312896219830158.

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Using a sample of 268 Australian firms over the period 2009–2014, we examine the relation between the equity-linked compensation (shares and options) of Australian executives – CEOs, CFOs and directors – and firms’ foreign exchange hedging programmes. We find that the greater the number of shares held by CEOs, the higher its exposure to exchange rate movements. While this suggests that remuneration in the form of shares has a critical downside, we also find evidence for a more positive and important role in foreign exchange risk management for the share- and option-related incentives provided

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Venegas Martínez, Francisco, and Abigail Rodríguez Nava. "Consumo y decisiones de portafolio en ambientes estocásticos: un marco teórico unificador." Ensayos Revista de Economía 28, no. 2 (2009): 29–64. http://dx.doi.org/10.29105/ensayos28.2-2.

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En este trabajo se proporciona un marco teórico que presenta de manera consistente el proceso de toma de decisiones de un consumidor-inversionista en un ambiente de riesgo e incertidumbre con volatilidad constante. Los procesos de Wiener y Poisson desempeñan un papel esencial en el modelado del riesgo de mercado y la incertidumbre en la política económica. En este contexto, se examinan de manera sistemática diferentes modelos, de equilibrio parcial, que caracterizan el consumo y las proporciones de la riqueza que un consumidor racional asigna a los diferentes activos, disponibles en los mercad

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Dąbrowska-Gruszczyńska, Katarzyna, and Marcin Gruszczyński. "Nominal exchange rates EUR/GRD and EUR/ITL in the context of leaving the euro zone by Greece and Italy." Journal of Economics and Management 43 (2021): 293–316. http://dx.doi.org/10.22367/jem.2021.43.14.

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Aim/purpose – The aim of this paper is to present two cases of crises in Greece and Italy and to evaluate the shadow exchange rates of hypothetical new currencies (re)introduced after Grexit and Italexit. Design/methodology/approach – Both shadow exchange rates are estimated using speculative pressure index concept that emphasizes the importance of changes in foreign exchange reserves and interest rate differentials in the absence of an independent nomi- nal exchange rate. The research sample covers Greece in 1989-2020 and Italy in 1989- 2020. Findings – The research presented the estimation o

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J. Pisani, Michael. "Microenterprise Peso Acceptance in El Paso, Texas." Ensayos Revista de Economía 32, no. 2 (2013): 75–94. http://dx.doi.org/10.29105/ensayos32.2-4.

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Utilizing a unique sample of 253 microenterprise border retailers from El Paso, Texas, this paper explores the possibility of cash payment from cross-border shoppers using Mexican pesos. We find that one-fifth of microenterprise retailers in El Paso accept payment in Mexican pesos. Increased peso acceptance rates are associated with retailer proximity to Mexico and business segment in which the retailers compete. El Paso microenterprises are also more likely than their medium- to large-business counterparts to allow payments to be made using Mexican pesos. The opportunity cost of currency subs

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Khan, Muhammad Arshad, and Saima Nawaz. "Does Pak-Rupee Exchange Rate Respond to Monetary Fundamentals? A Structural Analysis." Pakistan Development Review 57, no. 2 (2018): 175–202. http://dx.doi.org/10.30541/v57i2pp.175-202.

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This study empirically examines the contribution of monetary fundamentals in explaining nominal exchange rate movements in the case of Pak-rupee vis-à-vis US-dollar over the period 1982Q2 to 2014Q2. The empirical results support the existence of cointegration relationship between nominal exchange rate and monetary fundamentals. The results reveal that relative money stocks and real income are the key drivers of exchange rate determination in Pakistan in the long-run. For dynamic interaction, the Structural Vector Autoregressive (SVAR) method is applied. Results from the SVAR show that the resp

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Kamel, Helali. "Panel threshold regression model analysis of real effective exchange rate impact on the Arab Maghreb Union economic growth." Journal of Quantitative Methods 5, no. 1 (2021): 51–78. http://dx.doi.org/10.29145/2021/jqm/050103.

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The purpose of this article was to explain the asymmetry of real effective exchange rate (REER) impact on economic growth for the Arab Maghreb Union during the period 1980-2019. This work sought to measure the adjustment rate of the exchange rate policy towards its equilibrium levels, justifying the use of nonlinear modelling. The complexity of the exchange rate dynamics has led to the application of the Panel Threshold Regression Model to test the hypothesis testifying for its effect on domestic economic growth. The empirical results reveal that the REER shows opposite effects below and over

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Jaffri, Atif Ali. "Exchange Rate Pass-through to Consumer Prices in Pakistan: Does Misalignment Matter?" Pakistan Development Review 49, no. 1 (2010): 19–35. http://dx.doi.org/10.30541/v49i1pp.19-35.

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This study investigates the impact of exchange rate changes on consumer prices (commonly known as exchange rate pass-through (ERPT)) in Pakistan for the period 1995M1 to 2009M3. The study estimates short-run and long-run ERPT in Pakistan while taking into account the existing real exchange rate misalignment (RERM). The results suggest that the ERPT to consumer price inflation in Pakistan is very low (close to zero). The impact of the previous periods’ misalignment on inflation is found significant in managed exchange rate regime. However, the overall sample misalignment does not affect inflati

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Hernández Monsalve, Mauricio A., and Ramón Javier Mesa. "La experiencia colombiana bajo un régimen de fluctuación controlada del tipo de cambio: el papel de las intervenciones bancarias." Lecturas de Economía, no. 65 (October 29, 2009): 37–72. http://dx.doi.org/10.17533/udea.le.n65a2640.

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El comportamiento de la política colombiana de los últimos años, asociado con el conjunto de intervenciones ejercidas en el mercado de divisas, es el hecho estilizado que motivó este estudio. El objetivo de éste es medir el tamaño relativo de las intervenciones cambiarias durante 2004 y 2006, período de revaluación del peso, y calcular su efectividad en cuanto a los efectos sobre la media y la varianza de la tasa de cambio nominal. La determinación del tipo de cambio por medio de un modelo de balance de portafolio y el uso de índices de intervención en el mercado de divisas demuestran que las

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Cardebat, Jean-Marie, and Jean-Marc Figuet. "The Impact of Exchange Rates on French Wine Exports." Journal of Wine Economics 14, no. 01 (2019): 71–89. http://dx.doi.org/10.1017/jwe.2019.2.

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AbstractIn this article, we analyze the impact of varying exchange rates on French wine exports using a dynamic Armington panel model for the time period from 2000 to 2011. Our results suggest that French wines have become less competitive during the 2000s. This is due to two factors: rising domestic wine prices relative to foreign competitors and the appreciation of the euro against the USD and the GBP. Chinese demand appears to be a key driver of French wine exports. In addition, we find some compositional effects in Bordeaux wine exports. In response to the appreciation of the euro, the sha

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Sahminan, Sahminan. "INTEREST RATES AND THE ROLE OF EXCHANGE RATE REGIMES IN MAJOR SOUTHEAST ASIAN COUNTRIES." Buletin Ekonomi Moneter dan Perbankan 8, no. 2 (2006): 141–80. http://dx.doi.org/10.21098/bemp.v8i2.132.

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Paper ini meneliti apakah perbedaan sistim nilai tukar yang dianut oleh negara-negara Asia Tenggara mempunyai implikasi yang signifikan terhadap bagaimana gejolak pasar keuangan internasional ditransmisikan kedalam suku bunga domestik di negara-negara tersebut. Dengan menggunakan data dari 5 negara utama di Asia Tenggara - Indonesia, Malaysia, Filipina, Singapura, dan Thailand - kami menguji hipotesis bahwa tingkat suku bunga domestik dalam negara dengan sistim nilai tukar yang lebih fleksibel adalah lebih tidak terpengaruh oleh pasar keuangan internasional. Data yang digunakan adalah data har

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Macheda, Francesco, and Roberto Nadalini. "The Danger of a “Geyser Disease” Effect: Structural Fragility of the Tourism-Led Recovery in Iceland." Review of Radical Political Economics 52, no. 1 (2019): 50–76. http://dx.doi.org/10.1177/0486613419867415.

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The fall of the Icelandic economy in 2008 highlighted the destructive effects of unbridled markets. Yet, in recent years Iceland’s annual growth rates have been significantly higher than those of the overwhelming majority of advanced capitalist countries. The aim of this article is to delve into the fragile foundations that the current Icelandic economic boom rests on. We argue that the impressive appreciation of the Icelandic króna, triggered by the rapid expansion of tourism, has made the rapid absorption of unemployment compatible with price stability during the recovery period. By restrict

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AHO, Edouard. "Les déterminants des investissements directs étrangers dans la Communauté des Etats de l’Afrique de l’Ouest (CEDEAO)." Revue d’Economie Théorique et Appliquée 3, no. 2 (2013): 159–78. https://doi.org/10.62519/reta.v3n2a3.

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Résumé : Cet article analyse les déterminants des investissements directs étrangers dans la CEDEAO afin de contribuer à l’amélioration de l’attractivité de la zone. En effet, malgré une augmentation progressive des flux d’IDE depuis l’an 2000 dans la CEDEAO, on y observe une inégale répartition de ces capitaux. Les résultats obtenus à partir d’un panel comportant les 15 pays de la CEDEAO sur la période 1980-2010, suggèrent que le développement financier et l’indice de gouvernance sont de loin les déterminants principaux des IDE dans la CEDEAO, suivis de la taille du marché (population). Mots –

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Setiawan, Iwan, Diah Indira, and Angsoka Yorintha Paundralingga. "PEMBAYARAN PINJAMAN LUAR NEGERI KORPORASI DAN PERGERAKAN RUPIAH." Buletin Ekonomi Moneter dan Perbankan 9, no. 3 (2007): 31–72. http://dx.doi.org/10.21098/bemp.v9i3.208.

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The shifting of the exchange rate regime toward the free floating system in Indonesia, have changed the nature of the Indonesian Rupiah fluctuation, both in its magnitude and direction. Public opinion tends to believe that the high corporate demand on foreign exchange to fulfill their foreign debt repayment is one of the major depreciating factors of the Rupiah against the US dollar.This paper analyzes the response of public opinion by analyzing the effect of corporate foreign debt repayments and their general behavior on the foreign exchange demand and supply. This paper also analyzes the imp

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Dua, Pami, and Ritu Suri. "Interlinkages Between USD–INR, EUR–INR, GBP–INR and JPY–INR Exchange Rate Markets and the Impact of RBI Intervention." Journal of Emerging Market Finance 18, no. 1_suppl (2019): S102—S136. http://dx.doi.org/10.1177/0972652719831562.

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This article examines interlinkages between four major exchange rates, namely, USD–INR, EUR–INR, GBP–INR and JPY–INR in terms of returns and volatility spillovers using a vector autoregressive-multivariate GARCH–BEKK framework. In addition, we analyse the impact of RBI intervention on the returns, volatility and covariance of these exchange rates. The study finds significant bidirectional causality-in-mean and causality-in-variance between all four exchange rates. The estimation results suggest that RBI intervention in the form of net purchase of dollars leads to depreciation of INR vis-à-vis

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Aroul, Ramya Rajajagadeesan, and Peggy E. Swanson. "Linkages Between the Foreign Exchange Markets of BRIC Countries—Brazil, Russia, India and China—and the USA." Journal of Emerging Market Finance 17, no. 3 (2018): 333–53. http://dx.doi.org/10.1177/0972652718800081.

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The past decade has witnessed increasing trade and capital flow movements between BRIC countries (Brazil, Russia, India and China) and the USA indicating a need for a better understanding of currency linkages between these countries. This article examines long-run and short-run relationships between foreign exchange markets of BRIC countries and the USA. Long-run results indicate that, over a period beginning January 2000 and ending November 2013, the currency markets of China, India and the USA are tied together, implying that from the perspective of the US investor, the markets of Brazil and

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PAKSOY, H. Mustafa. "BİLGİSAYARLI MUHASEBE PROGRAMLARINDA YAPAY ZEKA DESTEKLİ DENETİM VE BU DENETİMİN TÜRK TİCARET KANUNU İLE MALİ HUKUK AÇISINDAN ETKİLERİ." JOURNAL OF PURE SOCIAL SCIENCES (PURESOC) 5, no. 9 (2024): 125–36. https://doi.org/10.5281/zenodo.14582387.

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<strong>Abstract</strong> <em>The aim of this study is to examine in detail artificial intelligence-supported auditing in computerized accounting programs and the effects of this auditing in terms of Turkish Commercial Code and Financial Law. This study aims to determine the effects of artificial intelligence technology on the accounting and auditing fields and to comprehensively address the legal framework of these effects. It also takes into account the potential risks as well as the advantages provided by artificial intelligence-supported auditing. In this regard, the content of the study w

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Chang, Bisharat Hussain, ,Suresh Kumar Oad Rajput, Pervez Ahmed, and Zafar Hayat. "Does Gold Act as a Hedge or a Safe Haven? Evidence from Pakistan." Pakistan Development Review 59, no. 1 (2020): 69–80. http://dx.doi.org/10.30541/v59i1pp.69-80.

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This paper seeks to determine whether in Pakistan gold protects investors against the risks associated with the exchange rate, oil shocks, and stock returns by testing the hedging and safe haven properties of gold returns for the period from August 1997 to May 2016. The analysis has been done to understand the relationship between moderate (normal) and extremely tumultuous conditions through least squares and DCC-GARCH models. The key results indicate that gold acts as a hedge against exchange rate risk only whereas it acts as a safe haven in terms of the risks associated with the oil, exchang

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Hui, Hon Chung. "Were Foreign Exchange Markets Reacting Negatively to Political Events? The Case of Malaysia." South Asian Journal of Macroeconomics and Public Finance 10, no. 1 (2021): 105–29. http://dx.doi.org/10.1177/2277978721995649.

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This article explores the effects of political events on foreign exchange returns in Malaysia. We identify five political events in recent history, namely the 13th General Election (GE13), the imprisonment of a key opposition politician, the scandal from the 1MDB exposé, the appointment of a new Central Bank Governor and the 14th General Election (GE14). Using event studies, our findings show that the imprisonment of the opposition party leader triggered a favourable response from the foreign exchange market. However, market reactions to the 1MDB scandal were largely unfavourable. The GE13 tri

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Gidey, Hiluf Techane, and Naser Yenus Nuru. "Exchange Rate Uncertainty Effects on Domestic Investment in South Africa." Margin: The Journal of Applied Economic Research 15, no. 3 (2021): 338–52. http://dx.doi.org/10.1177/09738010211010516.

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The main goal of this study is to examine the effect of real effective exchange rate uncertainty on domestic investment for the South African economy over the sample period 1985Q1–2019Q2. To address this objective, Jordà’s (2005) local projection method is employed in this study. The generalised impulse response functions indicate that domestic investment decreases between the second and seventh quarters in response to one standard deviation shock in exchange rate uncertainty. Furthermore, high exchange rate uncertainty affects domestic investment negatively while low exchange rate uncertainty

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Orji, Anthony, Jonathan E. Ogbuabor, Chiamaka Okeke, and Onyinye I. Anthony-Orji. "Another Side of the Coin: Exchange Rate Movements and the Manufacturing Sector in Nigeria." Journal of Infrastructure Development 10, no. 1-2 (2018): 63–79. http://dx.doi.org/10.1177/0974930618811499.

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This study estimated the impact of exchange rate (EXCH) movements on the manufacturing sector in Nigeria over the period 1981–2016. Time series data and ordinary least square (OLS) estimation technique were employed in this study to address the specified objective. The variables analysed were EXCH, manufacturing GDP (MGDP), government capital expenditure, foreign direct investment (FDI), credit to private sector and value of imports. From the result, it is apparent that EXCH movements play a significant role in the manufacturing sector’s performance in Nigeria. Specifically, the findings showe

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Ariff, M., A. Chazi, M. Safari, and A. Zarei. "Significant Difference in the Yields of Sukuk Bonds versus Conventional Bonds." Journal of Emerging Market Finance 16, no. 2 (2017): 115–35. http://dx.doi.org/10.1177/0972652717712352.

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Bond yields of Treasury and corporate bonds are observed in a listed exchange. This article reports the findings on the market yield behaviour of two types of debt securities in the same exchange, the sharia-compliant sukuk bonds and the normal conventional bonds. There are 17 exchanges where sukuk bonds are traded, and the outstanding value is estimated at US$ 1,200 billion. The average yields of sukuk Treasury bonds are significantly higher (premium) than that of conventional Treasury bonds. On the other hand, investors in the sukuk corporate bonds receive slightly lower returns (discount) o

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Hina, Hafsa, and Abdul Qayyum. "Re-estimation of Keynesian Model by Considering Critical Events and Multiple Cointegrating Vectors." Pakistan Development Review 54, no. 2 (2015): 123–45. http://dx.doi.org/10.30541/v54i2pp.123-145.

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This study employs the Mundell (1963) and Fleming (1962) traditional flow model of exchange rate to examine the long run behaviour of rupee/US $ exchange rate for Pakistan economy over the period 1982:Q1 to 2010:Q2. This study investigates the effect of output levels, interest rates and prices and different shocks on exchange rate. Hylleberg, Engle, Granger, and Yoo (HEGY) (1990) unit root test confirms the presence of non-seasonal unit root and finds no evidence of biannual and annual frequency unit root in the level of series. Johansen and Juselious (1988, 1992) likelihood ratio test indicat

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., Zia Ur Rehman. "Impact of Macroeconomic Variables on Capital Structure Choice: A Case of Textile Industry of Pakistan." Pakistan Development Review 55, no. 3 (2016): 227–39. http://dx.doi.org/10.30541/v55i3pp.227-239.

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The financing decision of a firm is influenced by both internal (firm specific) and external (macroeconomic) factors. However, most of the empirical investigations have focus on internal factors whereas the impact of macroeconomic variables on capital structure decisions is somewhat under researched particularly in the context of developing countries. The aim of the study is to analyse the impact of macroeconomic variables on the capital structure decisions of all listed textile firms in Pakistan for the period 2004-2013. Panel data regression (fixed effects model) was used to estimate the eff

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Bahramgiri, Mohsen, Shahabeddin Gharaati, and Iman Dolatabadi. "Modeling jumps in organization of petroleum exporting countries basket price using generalized autoregressive heteroscedasticity and conditional jump." Investment Management and Financial Innovations 13, no. 4 (2016): 196–202. http://dx.doi.org/10.21511/imfi.13(4-1).2016.05.

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This paper uses autoregressive jump intensity (ARJI) model to show that the oil price has both GARCH and conditional jump component. In fact, the distribution of oil prices is not normal, and oil price returns have conditional heteroskedasticity. Here the authors compare constant jump intensity with the dynamic jump intensity and evidences demonstrate that oil price returns have dynamic jump intensity. Therefore, there is strong evidence of time varying jump intensity Generalized Autoregressive Heteroscedasticity (GARCH) behavior in the oil price returns. The findings have several implications

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Khurana, Rachna, and Umang Khetan. "VALUE-AT-RISK BASED APPROACH FOR CURRENCY HEDGING." Indian Journal of Finance and Banking 5, no. 1 (2021): 23–37. http://dx.doi.org/10.46281/ijfb.v5i1.961.

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Corporate FX risk management has gained complexity with an increased number of currencies involved and varying correlations among them. Existing literature has highlighted the need to account for cross-currency correlations when optimizing hedge ratios for portfolio management (Dowd, 1999). In this paper, we propose a Value-at-Risk (VaR) based model to estimate the optimal hedge ratio for a multi-national corporate that aims to minimize the cost of hedging at a given tolerance level of expected loss arising out of FX movement. The paper illustrates both parametric and historical methods of VaR

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Jehan, Zainab, and Iffat Irshad. "Exchange Rate Misalignment and Economic Growth in Pakistan: The Role of Financial Development." Pakistan Development Review 59, no. 1 (2020): 81–99. http://dx.doi.org/10.30541/v59i1pp.81-99.

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This study endeavours to examine empirically how real exchange rate (RER) misalignment affects economic growth in Pakistan. In this regard, we have not only estimated the direct impact but also the indirect impact of misalignment on economic growth by using the financial development channel. We have used time series data ranging from 1980 to 2016 to carry out the empirical analysis. After testing the time series properties of the selected variables, we computed long run equilibrium RER later used to calculate RER misalignment. Finally, we estimated the impact of misalignment on per capita econ

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Shalu, Saini, and Narayana Giri Jagat. "FDI Flows, Institutional Quality and SDG Score: Some Evidence from Panel Data Estimations." Empirical Economics Letters 22, no. 9 (2023): 111–29. https://doi.org/10.5281/zenodo.10038380.

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<strong>Abstract:</strong> The study attempts to empirically investigate the role of factors like Control of Corruption, Government Efficiency, Regulatory Quality, Political Stability, Voice and Accountability and SDG Score, on FDI inflows concentrating on emerging markets namely Argentina, Brazil, Chile, China, Colombia, Egypt, Hungary, India, Indonesia, Iran, Malaysia, Mexico, the Philippines, Poland, Russia, Saudi Arabia, South Africa, Thailand, Turkey, and the United Arab Emirates between 2000 and 2021. These 20 emerging market countries account for 34 percent of the world's nominal GDP in

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Azar, Samih Antoine. "Sovereign Credit Rating Announcements and Liquidity Shocks in the Lebanese Daily Foreign Exchange Market." International Journal of Accounting & Finance Review 5, no. 1 (2020): 66–83. http://dx.doi.org/10.46281/ijafr.v5i1.540.

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Sovereign credit rating announcements are usually unexpected events that can affect local financial markets either favorably or detrimentally. In Lebanon, the credit outlook witnessed a deteriorating trend since the mid of the year 2016. The major hypothesis of this paper is that the reaction to the bad credit rating announcements is statistically significant, although ephemeral, delimited to just a few days. It is through the liquidity channel that these announcements create uncertainty and affect the economy. There are two related hypotheses: (1) illiquidity shocks impact undesirably the fin

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Wahab, Hishamuddin Abdul, and Nurul Afaaf Mohd Nasir. "The Wavelet Multi-Scale Analysis of Exchange Rate Exposure: An Application to Malaysian Consumer Products and Services Sector." GATR Journal of Finance and Banking Review Vol. 8 (1) APRIL - JUNE 2023 8, no. 1 (2023): 58–72. http://dx.doi.org/10.35609/jfbr.2023.8.1(3).

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Objective – Past efforts in assessing foreign exchange rate exposure assume homogeneity in the level of exposure across time horizons which seems to be impractical due to the dynamic nature of comovement between firm value and exchange rate. Methodology – Given this, the study aimed to investigate the multi-scale relationships between changes in exchange rates and firm values of 56 multinational corporations in the consumer products and services sector from January 2000 to December 2020. Findings – The novelty of the study lies upon the application of Maximal Overlap Discrete Wavelet Transform

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Barredo-Zuriarrain, Juan, Ricardo Molero-Simarro, and Alejandro Quesada-Solana. "Euro-Dependence—A Peripheral Look beyond the Monetary Union: A Proposal of Reform of the TARGET2." Review of Radical Political Economics 49, no. 3 (2017): 375–93. http://dx.doi.org/10.1177/0486613417703958.

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This paper seeks to present a proposal of reform of the TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer) system aimed to correct intra-European Union (EU) financial, trade, and productive imbalances. For this purpose, the proposal relies on the application of the Keynes Plan’s principles to a regional integration process. Previously, the origins of the EU imbalances are traced to the shortcomings of the European monetary integration. Finally, the reforms needed to make the TARGET2 a rebalancing system are discussed in depth. JEL Classification: F32, F33, F36

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PAKSOY, H. Mustafa. "TÜRKİYE'DE KAMU HARCAMALARI VE GÖÇ İLİŞKİSİ: GRANGER NEDENSELLİK ANALİZİ." JOURNAL OF PURE SOCIAL SCIENCES (PURESOC) 5, no. 9 (2024): 28–41. https://doi.org/10.5281/zenodo.14551929.

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<strong>Abstract</strong> <em>In recent years, migration waves have become more frequent due to the impact of wars. Migration waves have the highest impact on the economy.  With globalization, its size and impact are gaining more and more meaning with each passing day. Therefore, the study area of migration has expanded and has been associated with important macroeconomic variables. In this paper, the relationship between migration and public expenditures is analyzed for Türkiye. International migration, public expenditures and economic growth variables are used in the model. Annual

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Inekwe, John Nkwoma, Yi Jin, and Maria Rebecca Valenzuela. "Global financial network and liquidity risk." Australian Journal of Management 43, no. 4 (2018): 593–613. http://dx.doi.org/10.1177/0312896218766219.

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This article investigates the impact of global financial integration on liquidity risk. Using the network approach and bank-level data for 95 countries, we find weak asymmetry in the relationship between net stable funding and financial connectedness. Our results suggest that the degree of connectedness between banks is inversely related to funding stability. We also find that banks that are strongly connected to important lenders take on more risks relative to those that have independent access to finance in the financial network. Our results are consistent and invariant when either internal

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Arkhiiereiev, S., Ia Maksymenko, and T. Diachenko. "FACTORS OF EXPORT INCOMES FORMATION AND WAYS TO INCREASE CURRENCY INCOMES OF UKRAINE." Financial and credit activity: problems of theory and practice 2, no. 37 (2021): 406–13. http://dx.doi.org/10.18371/fcaptp.v2i37.230325.

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Abstract. Under conditions of persistent trade balance deficit, there activates a search for ways of export increase and, consequently, of currency incomes of Ukraine. The goal of this article is to evaluate the state of Ukraine’s export, its dynamics, development of extended classification of the factors influencing the formation of export incomes, detecting the problems in this sphere, development of recommendations concerning the growth of export and increase in currency incomes of Ukraine. The methods of research applied are analysis and synthesis, system approach, comparison, generalizati

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Baulant, Camille. "Entrée réussie de la Croatie dans la zone euro : une stratégie de change élevé en lien avec sa spécialisation dans le tourisme." Mondes en développement 205, no. 1 (2024): 7–30. http://dx.doi.org/10.3917/med.205.0007.

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Après une intégration à l’Union européenne en 2013, puis une adhésion au mécanisme de change européen (MCE) II en juillet 2022, la Croatie est devenue le 20ème État membre de la zone euro en janvier dernier. Cet article se propose, à partir du compte courant et du compte financier de ce pays, d’exposer comment ce dernier a réussi à rejoindre la zone euro. Nous présenterons, dans un premier temps, les conditions financières internationales de l’insertion de la Croatie, en analysant sa politique de taux de change et ses choix de spécialisation. Nous étudierons ensuite l’évolution de son niveau d

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PAKSOY, H. Mustafa. "EBÜ'L-MUÎN en-NESEFÎ'DE NÜBÜVVET VE İMAMET TASAVVURU." JOURNAL OF PURE SOCIAL SCIENCES (PURESOC) 5, no. 9 (2024): 61–76. https://doi.org/10.5281/zenodo.14552041.

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<strong>Abstract</strong> <em>The concepts of Prophethood and Imamate are among the most significant concepts in the Islamic world. Due to their importance, both concepts are discussed in the works of scholars of Islamic Sectarian History. One of the scholars who addresses these concepts in his works is Abu'l-Mu'in al-Nasafi, who is regarded as the second founder of the Maturidi school. What makes Prophethood and Imamate important in the Islamic world is, of course, that the institution of Prophethood is a subject of second-level importance after the existence of Allah, while the position of I

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Jati, Kumara, and Aziza Rahmaniar Salam. "FUNDAMENTALS OF INTEGRATED COMMERCIAL BANK IN MACROECONOMIC AND SHARIA PERSPECTIVE IN INDONESIA." Journal of Islamic Monetary Economics and Finance 3, no. 2 (2018): 349–87. http://dx.doi.org/10.21098/jimf.v3i2.895.

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This research analyses the fundamentals of integrated commercial bank in macroeconomic and sharia perspective in Indonesia. Based on the calculation of Vector Autoregression (VAR), the impact of macroeconomic variables (Jakarta Stock Islamic Index / JKSII, Indonesian Stock Price Composite Index / JKSE, Crude Oil Price, and Exchange Rate) on stock prices of commercial banks vary. These shocks indicate an indirect price transmission through exchange rate channels and economic growth. From the Structrural Time Series Model (STSM), JKSII, JKSE, and commercial bank share price prediction will gener

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Osabuohien-Irabor, Osarumwense. "Testing for causality-in-mean and in-variance among the U.S., China, and some Africa capital markets: A CCF approach." Journal of Economics and Management 43 (2021): 131–52. http://dx.doi.org/10.22367/jem.2021.43.07.

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Aim/purpose – Owing to the huge risk occasioned by negative contagion effects associ- ated with financial market linkages, markets participants and academia have continued to examine the capital market cross country interdependence at different levels. In this paper, we examined the causal relationships among the U.S., China and some top Afri- can capital market indexes. Design/methodology/approach – To examine the mean and variance causal effects, we estimated a univariate AR-EGARCH model for all capital market indexes. Then em- ployed the residual-based two-step bivariate cross-correlation f

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Taliat Olayinka Emiola, Esther Ranmilowo Aderinto, and Mathew Oluwaseun Adeagbo. "Exchange rate determination in oil dominated African economies: A comparative analysis of Nigeria and Angola." International Journal of Advanced Economics 7, no. 3 (2025): 75–89. https://doi.org/10.51594/ijae.v7i3.1864.

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African countries of Nigeria and Angola are examples of countries naturally endowed with abundant deposit of crude oil and these countries depend so much on oil exploration for export revenue and foreign exchange earnings. The rate of exchange rate fluctuation in these countries is suspected to have a link with the countries’ oil price and revenue. This study investigates and compares the significance or otherwise of crude oil price in the determination of exchange rate in these oil dominated economies. An autoregressive distributed lag model is used in the study, and it is estimated for Angol

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Shankar, Nitin, and Fatima Beena. "INDIAN IT FIRMS CREATING MANAGEMENT CODES FOR FOREIGN EXCHANGE RISK." Indian Journal of Finance and Banking 5, no. 2 (2021): 115–29. http://dx.doi.org/10.46281/ijfb.v5i2.1067.

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Purpose: India has been a preferred I.T. service sourcing nation globally and has been registering high growth. India has a significant pie of the global sourcing market, accounting for nearly 55 % share. It covers significant global through its more than one thousand centres spread across continents. With a year-on-year growth of 6.1%, India’s I.T. and ITES industry will increase to the U.S. $ 350 million by 2025. The extensive expanse of geographical coverage also translates into foreign exchange risk; hence foreign exchange risk management becomes an important strategy. The current study at

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Lee, Youngjae, P. Lynn Kennedy, and Brian M. Hilbun. "A Demand Analysis of the Korean Wine Market Using an Unrestricted Source Differentiated LA/AIDS Model." Journal of Wine Economics 4, no. 2 (2009): 185–200. http://dx.doi.org/10.1017/s1931436100000791.

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AbstractAn unrestricted source differentiated LA/AIDS model was used to estimate Korean wine demand. In doing so, this study tested the null hypotheses of product aggregation, block separability and substitutability. The test results show that the unrestricted source differentiated model is significantly different from the aggregated model, separated model, and restricted source differentiated model at the conventional level. By using this system-wide model, this study estimated price and expenditure elasticities to identify the price effect on Korean wine consumption. (JEL Classification: F10

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Chipeta, Chama. "Analysing the Employment Effects of the Exchange Rate, Foreign Direct Investment and Trade Openness on South Africa’s Non-Tradable Sectors." Studia Universitatis Babeș-Bolyai Negotia 67, no. 2 (2022): 41–70. http://dx.doi.org/10.24193/subbnegotia.2022.2.03.

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"Mounting assertions of the increased benefits of foreign trade integration, in terms of increased wages and labour, as well as factor productivity and resource reallocations, are accompanied by subsequent concerns of coexisting job destruction, particularly for countries with evidently rising unemployment and poverty levels. Such is the case for a post-apartheid South African economy, ravaged by persistently high unemployment rates amid increased trade liberalisation. In drawing meaningful inherences, this study examined the effects of South Africa’s trade openness, the real effective exchang

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Oktaviani, Defy, and Nagendra Shrestha. "EXCHANGE RATES ELASTICITY OF EXPORTS IN ASEAN: THE ROLE OF GLOBAL VALUE CHAINS." Buletin Ilmiah Litbang Perdagangan 15, no. 1 (2021): 1–26. http://dx.doi.org/10.30908/bilp.v15i1.538.

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Abstrak  Perdebatan tentang pelemahan hubungan antara nilai tukar dan ekspor telah meningkat dalam beberapa tahun terakhir, dan meningkatnya tren perdagangan terkait rantai nilai global (Global Value Chain/GVC) diasumsikan menjadi sumber melemahnya hubungan di antara keduanya. Dengan menggunakan data spesifik industri manufaktur, studi ini bertujuan untuk menyelidiki dampak GVC pada hubungan Nilai Tukar Efektif Riil (Real Effective Exchange Rate/REER) dan ekspor di empat negara ASEAN. Estimasi dilakukan menggunakan regresi Least Square Dummy Variable (LSDV) untuk periode sampel dari tahu

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Gnangnon, Sèna Kimm. "Trade Openness and Diversification of External Financial Flows for Development: An Empirical Analysis." South Asian Journal of Macroeconomics and Public Finance 9, no. 1 (2020): 22–57. http://dx.doi.org/10.1177/2277978719898974.

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The implementation of sustainable development goals (SDGs) adopted in 2015 by the international community in the Agenda 2030 requires a substantial mobilization of financial resources. In the meantime, Goal 17 of this Agenda recognizes trade as an important means of the implementation of the SDGs. The current article investigates empirically the impact of openness to international trade on the diversification of external financial flows for development, which could help developing countries achieve the SDGs by 2030. To that end, three major external flows for development have been considered:

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Cep, Jandi Anwar, Brilianti Agnisa, Suhendra Indra, and Adi Fahmi Ginanjar Rah. "Foreign Direct Investment and Corruption Perseption Index in Asean-5 Countries." International Journal of Social Science And Human Research 06, no. 08 (2023): 4776–83. https://doi.org/10.5281/zenodo.8220910.

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This study's goal is to examine the connection between foreign direct investment (FDI) and Corruption Perception Index (CPI) in ASEAN-5 including the Philippines, Indonesia, Malaysia, Thailand, and Vietnam, during the period 2001-2019. Furthermore, we examine the link between FDI and macroeconomics variables, such as Gross Domestic Product (GDP) and Interest Rates. Panel data with a fixed effect model (FEM) are used in this investigation to examine the relationship between variables. The findings of this investigation suggest that the corruption perception index and gross domestic product

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