Asian Economic and Financial Review

Asian Economic and Financial Review

Basic info

  • Publisher: Aess
  • Country of publisher: pakistan
  • Date added to EuroPub: 2017/May/11

Subject and more

  • LCC Subject Category: Finance and Financial Services, Economics
  • Publisher's keywords: Economic, Financial
  • Language of fulltext: english
  • Full-text formats available: PDF

Publication charges

  • Article Processing Charges (APCs): No
  • Submission charges: No
  • Waiver policy for charges? No

Editorial information

Open access & licensing

  • Type of License: CC BY
  • License terms
  • Open Access Statement: Yes
  • Year open access content began: 2011
  • Does the author retain unrestricted copyright? False
  • Does the author retain publishing rights? False

Best practice polices

  • Permanent article identifier: DOI
  • Content digitally archived in: LOCKSS, CLOCKSS
  • Deposit policy registered in: None

This journal has '574' articles

Variations in Prices due to Anticipated and Unanticipated Money

Variations in Prices due to Anticipated and Unanticipated Money

Authors: Biswajit Maitra| Assistant Professor of Economics Surya Sen College, West Bengal, India, C. K. Mukhopadhyay| Professor of Economics University of Nort...
( 33 downloads)
Abstract

The relation between money and price has unique relevance in price stability. Rational expectations theorists hold that both anticipated and unanticipated money supply affect price level. This paper addresses this issue and enquires if anticipated and unanticipated money supplies have any role in the variations in whole sale and consumer prices (WPI & CPI) in India over the period 1992:Q1 to 2010:Q3. It is found that both anticipated and unanticipated money supply shocks cause rise in WPI and CPI inflation and justifying the rational expectations proposition. Price level, therefore, can be stabilized through appropriate monetary management.

Keywords: Anticipated Money, Unanticipated Money, Cointegration, Causality, Rational Expectations
Modelling Non-Interest Income at Tunisian Banks

Modelling Non-Interest Income at Tunisian Banks

Authors: Abdelaziz HAKIMI| Faculty of Law, Economics and Management of Jendouba and Sousse higher institute of management, Helmi HAMDI| Central Bank of Bahrain...
( 30 downloads)
Abstract

The aim of this paper is to analyze the determinants of the non-interest income for the Tunisian context by the use of data of 10 Tunisian deposit banks. Our sample is observed during the period 1998-2009. Using panel data estimation; our findings reveal that the information and communication technologies adoption and the banking characteristics are the main influential factors shaping the tendency of non-interest income in Tunisia.

Keywords: Non-interest Income, ICT, Banking Characteristics, Macro Factors, Panel Data, Tunisia
An empirical analysis of the excessive volatility-overconfidence relationship: Evidence from the Tunisian Stock Market

An empirical analysis of the excessive volatility-overconfidence relationship: Evidence from the Tunisian Stock Market

Authors: Bayoudh Feker| International Expert for auditing programs financed by the European Union, Houfi Mohamed Ali| Assistant Professor of mathematical econo...
( 34 downloads)
Abstract

The purpose of this paper is to provide that the explanation of excessive volatility can be only done through an attentive description of the psychological aspects of the investors. Our interest is carried in particular to the overconfidence bias. Our objective in this study is to identify whether the excessive volatility of observed stocks on the Tunisian Stock Market (TSE) results from the excessive trading of overconfident investors. The analysis of the obtained results, over the period January 1999 – October 2007, indicates quite clearly the importance of considering this bias in analysis of the specificities of Tunisian Stock Market (TSE). It appears that overconfidence admits a more pronounced effect on the volatility for daily time intervals compared to weekly and monthly intervals.The asymmetric nature of the dynamics of return volatility in response to positive and negative shocks is also checked.

Keywords: Excessive Volatility, Overconfidence Hypothesis, Market Efficiency, Anomalies, Rationality, Behavioural Finance
Are Real Devaluations Contractionary? an Empirical Analysis for Pakistan

Are Real Devaluations Contractionary? an Empirical Analysis for Pakistan

Authors: Naeem Ur Rehman Khattak| Dean, Faculty of Social Sciences, University of Peshawar, Pakistan, Muhammad Tariq| Ph.D. Scholar at Department of Economics,...
( 32 downloads)
Abstract

The failure of Bretton Woods system in 1970s diverted the attention of the researchers and policy makers from the orthodox wisdoms of elasticities, absorptions and Keynesian towards the new structuralist theories of contractionary depreciations. The present study has been carried out to test this contractionary hypothesis of real depreciations for Pakistan in the framework of a three version IS curve approach by using annual data over the period, 1973-2008. The main finding of the study is that real depreciation increases the output gap in Pakistan. The results also show that movement towards a more flexible exchange rate regimes also raises the output gap.

Keywords: New Structuralist theories, Open Economy IS Curve Model, Contractionary Depreciations, Output gap
Microfinance and Poverty Reduction in Ghana. The Case of Central Region of Ghana

Microfinance and Poverty Reduction in Ghana. The Case of Central Region of Ghana

Authors: Alex Addae-Korankye| Head of Management and Public Administration department, Central University College,CBS, Accra, Ghana
( 36 downloads)
Abstract

The study evaluated Microfinance as a tool for poverty reduction in Ghana using central region as a case study. A survey design involving quantitative, qualitative and participatory methods within the framework of impact assessment techniques was used. Simple random and stratified sampling methods were employed to select five Microfinance Institutions (MFIs) and one hundred microcredit beneficiaries. The study made use of both primary and secondary data. It was found out that though there are challenges microfinance has a positive impact on poverty reduction. Among the recommendations were that microfinance clients should be trained before and after disbursement of the loan; and also they should be effectively monitored. In addition to the above recommendations it was concluded that if the challenges facing the Microfinance sector (eg; inappropriate institutional arrangement, poor regulatory environment etc) are addressed microfinance will be a potent tool for poverty reduction not only in Ghana but all developing countries at large.

Keywords: Micro Finance, Poverty Reduction, Poverty, Millennium Development Goals (MDGs), Microcredit
Economic Growth and Income Inequality: Empirical Evidence from North African Countries

Economic Growth and Income Inequality: Empirical Evidence from North African Countries

Authors: Zouheir ABIDA| University of Sfax, Faculty of Economics and Management of Sfax - Tunisia, Imen Mohamed SGHAIER| University of Sfax, Faculty of Economi...
( 37 downloads)
Abstract

This paper examines the empirical relationship between economic growth and income inequality for 3 countries of North Africa (Tunisia, Morocco and Egypt) over the period 1970-2004. The results of this paper indicate that the long-run growth elasticity of income inequality is negative and significant implying that keeping other factors constant; more income inequality reduces economic growth. Moreover, this paper finds evidence that more physical and human capital investment and higher openness to trade have statistically significant impact on enhancing economic growth and reducing poverty.

Keywords: Economic Growth, Income Inequality, Panel cointegration
Permanent Income Hypothesis, Myopia and Liquidity Constraints: A Case Study of Pakistan

Permanent Income Hypothesis, Myopia and Liquidity Constraints: A Case Study of Pakistan

Authors: Khalid Khan| Lecturer Department of Economics, Lasbela University of Agriculture, Water and Marine Sciences, (LUAWMS), Uthal, Balochistan, Hazrat Yous...
( 35 downloads)
Abstract

This paper is an attempt to test the Permanent Income Hypothesis (PIH), Myopia and Liquidity Constraints as a case study for Pakistan. The paper also attempts to find out valid reasoning incase the PIH is rejected. Hall’s random walk model (1978) and Campbell and Mankiw model (1990) are used to test for the validity of PIH. The results reject the PIH and indicate the strong validity of Absolute Income Hypothesis (AIH) in Pakistan. Accordingly, Shea (1995) model is also used to validate the rejection of the PIH. The application of Shea (1995) model confirms the rejection; the symmetric relationship between consumption and expected income and provide a little evidence of existence of liquidity constraints

Keywords: Permanent Income Hypothesis, Absolute Income Hypothesis, Symmetric Relationship, Liquidity Constraints
Procedure for Creating a Virtual Multibank Agent

Procedure for Creating a Virtual Multibank Agent

Authors: Lozano Carmen| Professor, Department of Financial Economy and Accounting, Universidad Politécnica de Cartagena, Spain, Fuentes Federico| Professor, De...
( 33 downloads)
Abstract

In this paper, we propose a procedure that makes it possible to create a virtual multibank agent that will assist potential banking customers in their decision making, who are demanding with respect to the level and quality of the banking services that they would like to receive, particularly when it comes to deciding to invest their savings or apply for financing for their expenses. The virtual multibank agent would act on two levels: first, it would optimize navigation through an online banking website; and secondly, it would sort through the banking information available online and refine this information in order to offer the best option among those available. Tabu search algorithms and the use of intelligent agents based on fuzzy logic by means of prior categorization are techniques that have proven to be useful in applications for the optimum distribution of information in the shortest amount of time possible, and the search for the best solution among all those available.

Keywords: null
An Investigation of Small and Micro-Enterprise Owners’ Perceptions Towards Financial Credit Offered by Commercial Banks in the Cape Coast Metropolitan Area of Ghana

An Investigation of Small and Micro-Enterprise Owners’ Perceptions Towards Financial Credit Offered by Commercial Banks in the Cape Coast Metropolitan Area of Ghana

Authors: John K. Mbroh| Head, Dept. of Accountancy Studies, Cape Coast Polytechnic, Ghana
( 36 downloads)
Abstract

This paper reports on a study conducted by collecting data from both the demand and supply sides of formal finance to understand the perceptions of each party towards the other, regarding financial credit offered by commercial banks in the Cape Coast Metropolitan Area of Ghana. The study is an empirical investigation of perceptions and attitudes respectively of the two parties and consequently the co-existence expected of them – the commercial banks, as an important source of business funding and the small and micro-enterprise owners (SMEOs), as valued customers. Findings of the study point to the fact that SMEOs, especially the unregistered ones have a very blinkered understanding of the banks’ financial credit procedures. The consequence of which, is the perceived rigid prudential measures by banks, weak locus of loan/overdraft applications and bargaining power in terms of credit quantum, interest rates and their resultant payment defaults. The banks on the other hand, would be required to do much more in terms of education on their products and procedures. In addition, their loan-repayment patterns and interest rates were found to be rigid and indiscriminate respectively and as a result, had made them unattractive to the SMEOs. The study recommends the importance of building a healthy business partnership between the two parties as a means to improve access to finance by this SME sector.

Keywords: Small and Micro-Enterprises (SMEs), Small and Micro-Enterprise Owners' (SMEOs), Small and Medium Enterprises (SMES), Commercial Banks, Cape Coast Metropolitan Area (CCMA)
An Empirical Analysis of the Determinants of Household Poverty in Turkey

An Empirical Analysis of the Determinants of Household Poverty in Turkey

Authors: Ebru Çağlayan| Assoc.Prof, Department of Economics, Kyrgyzstan-Turkey Manas University, Bishkek, Kyrgyzstan& Department of Econometrics, Marmara Unive...
( 34 downloads)
Abstract

This paper investigates the determinants of household poverty in Turkey using ordered logit model. It also focuses on parallel regression hypothesis and uses generalized ordered logit model. In this study, the data has been obtained from Household Budget Survey in 2009 and poverty levels have been categorized in order to determine the factors affecting different levels of poverty. The findings show that middle class has approached poor classes and the gap between the rich and the middle class has widened.

Keywords: Relative Poverty, Ordered Logit, Generalized Ordered Logit, Equivalent Per-Person Disposable Income
Market Liquidity Behaviour in Futures Markets: Empirical Evidence

Market Liquidity Behaviour in Futures Markets: Empirical Evidence

Authors: Fathi ABID| Professor of Finance University of Sfax: UR: MO.DE.S.FI Faculty of Business and Economics of Sfax, TUNISIA, Lotfi TRABELSI| Assistant prof...
( 32 downloads)
Abstract

In this study, we examine the relations between the three keys variables of liquidity such as trading volume, bid-ask spread, and intraday price volatility. Hausman’s (1978) tests of specification confirmed that trading volume, bid-ask spread and intraday price volatility are jointly determined. Our study, leaded with a different approach to estimate the three parameters in a three-equation simultaneous structural model, confirm Hausman’s (1978) conclusions. Empirical analysis, based on eight financial futures contracts, the most actively traded futures contracts in the Chicago Board of Trade (CBT) and the Chicago Mercantile Exchange (CME) markets, use the generalized method of moments (GMM) procedure. Empirical results, supporting theoretical developments, indicate the existence of a simultaneous relationship between these three variables of financial markets liquidity.

Keywords: Market Liquidity, Trading Volume, Bid-Ask Spread, Intraday Price Volatility, Index Futures Markets, Generalized Method of Moments
Islamic Financial in the Global Financial System

Islamic Financial in the Global Financial System

Authors: Ahmad M. Mashal| Faculty of Business Studies Arab Open University/ Jordan P.O.Box 1339 Amman 11953 Jordan
( 58 downloads)
Abstract

This paper investigates the question of whether the phenomenon of Islamic finance who based on Shariah, or Islamic law is truly globalizing and spreading as a universal system of finance and banking. The paper also addresses various aspects of the globalization for Islamic finance, among other, the issue of the rise of Islamic banking in the world, Islamic jurisprudence and finance, global standards and integration for Islamic finance, and obstacles facing Islamic finance's integration and growth into the global financial system. the paper suggested three key areas of priority warrant greater policy attention to further strengthen and enhance the entire Islamic financial ecosystem, through putting in place building blocks that will strengthen the resilience of the Islamic financial system and by the application of mutually acceptable rules and standards.

Keywords: Islamic Finance, Global Finance, Shariah (Islamic Law), Education, Evolution, Future Strategies
Vietnam Economic Structure Change Based on Input-Output Table (2000-2007)

Vietnam Economic Structure Change Based on Input-Output Table (2000-2007)

Authors: Bui Trinh| National Account Department of Vietnam, Kiyoshi Kobayashi| Kyoto University, Nguyen Viet Phong| Vietnam General Statistics Office
( 34 downloads)
Abstract

This study presents main findings on Vietnam economic structure change based on Leontief system and the Vietnam Input-Output Tables (2000 and 2007).

Keywords: Economic, Final Demand, Input - Output, Structure, Value Added, Vietnam
Nuclear Energy in Turkey, Do We Need It Indeed?

Nuclear Energy in Turkey, Do We Need It Indeed?

Authors: Serdar Erdurmaz| Assistant Professor in Gazikent University and General Coordinator in TURKSAM International Relations and Strategic Analysis Center i...
( 70 downloads)
Abstract

Two main events happened in 2007’s forced Turkey to reconsider of nuclear power plant building which has been postponed in several occasions. On the one hand Turkey aware that energy dependency to another states causing the negative effects to its developing economy, on the other hand she should take into consideration the threat coming by the Iran’s ongoing nuclear program. If Iran succeeds to produce a nuclear weapon, for Turkey the threat is indirect, and more tied to concerns about the balance of power and loss of relative status and influence in the region. With regard to the energy resources dependency to the other states, approximately 70 percent of Turkey's domestic oil and gas are bought from abroad, and Russia and Iran are its top suppliers. Our country's electricity demand tends to increase by a rapid average of 7.5%. Having been realized as 191.5 TWh in 2007, our electricity generation is expected by 2020 to reach 406 TWh with an annual increase of 5.96%. In order to meet the increasing demand for electricity, we need to at least double our existing installed power by 2020. To meet the need of Turkey for electricity in the near future, the projections indicate that it will be necessary to employ nuclear power for electricity production Construction of nuclear power plants is in progress. It seems determining the main target of Turkey’s desire to deal with the nuclear technology is very important for USA and the western states. This study aims to point out that which main factor is dominant for Turkey’s decision dealing with the nuclear technology, and foreseen Russian agreement.

Keywords: Energy, Nuclear Energy, Nuclear Energy in Turkey, Energy Polices in Turkey
An Empirical Assessment of the Real Exchange Rate and Poverty in Nigeria

An Empirical Assessment of the Real Exchange Rate and Poverty in Nigeria

Authors: Ben. U. Omojimite| Department of Economics Delta State University, Abraka, Victor E. Oriavwote| Department of Arts and Social Sciences, Delta State Po...
( 34 downloads)
Abstract

This paper investigated the influence of the real exchange rate on poverty within the framework of a dependent economy model. Using data covering 1980 to 2010, the result of a Vector Error Correction model (VECM) showed that the volatility of the real exchange rate has significant influence on the level of poverty in Nigeria. Thus, government policies that targets real exchange rate could play significant role in reducing the level of poverty in Nigeria, particularly if supported by basic institutions, such as those of human capital development.

Keywords: Real Exchange Rate, Poverty, Absorption, Human Capital Development, Vector Error Correction Model

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