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

EXCHANGE MARKET PRESSURE IN INDONESIA: A UNIVARIATE MARKOV SWITCHING ANALYSIS

EXCHANGE MARKET PRESSURE IN INDONESIA: A UNIVARIATE MARKOV SWITCHING ANALYSIS

Authors: Unggul Heriqbaldi| Department of Economics Faculty of Economics and Business Airlangga University Jl. Airlangga No. 4, Surabaya, Jawa Timur 60286, Ind...
( 33 downloads)
Abstract

The aim of this paper is to analyze the nature of exchange market pressure in the case of the Indonesian economy. More specifically, this paper aims to answer whether there is non-linearity or multiple equilibria in the EMPI. The paper relies on a univariate Markov Switching autoregressive model. The model estimation also incorporates procedures such as unit root test, diagnostic test and log likelihood ratio test, focusing on the period from January 1990 to September 2008. This paper found that a 2-state Markov switching AR(6) model of EMPI outperforms a linear autoregressive model in explaining the behavior of EMPI. The findings also suggest that the significant regime dependent intercept confirms the existence of a multiple-equilibria condition in the EMPI. The degree of uncertainty of EMPI in a volatile state was found to be much higher than in the stable state and there was also an inertia characteristic. Due to the inertia characteristic in the EMPI, the monetary authority should take into account the role of economic agents’ expectations in delivering monetary policy to stabilize the exchange rate following significant market pressure in the economy. This paper contributes by providing empirical evidence on the characteristics of EMPI in the context of the Indonesian economy.

Keywords: Exchange Market Pressure, Currency Crises, Regime Switching, Multiple Equilibria
THE IMPACTS OF EMOTIONAL INTELLIGENCE COMPETENCY ON JOB SATISFACTION IN THE SERVICE SECTOR: AN APPLICATION ON THE TURKISH BANKING SECTOR

THE IMPACTS OF EMOTIONAL INTELLIGENCE COMPETENCY ON JOB SATISFACTION IN THE SERVICE SECTOR: AN APPLICATION ON THE TURKISH BANKING SECTOR

Authors: Nazife Orhan| Lecturer at the Department of Foreign Languages, Beykent University, Istanbul, 34500, Turkey, Hasan Dincer| Assistant Professor at the D...
( 40 downloads)
Abstract

Subject to the highly increased competition in almost all sectors especially in the service sector, the analysis of emotional intelligence competency and job satisfaction of employees has been one of the most crucial research subjects nowadays to get the highest productivity from employees in terms of almost all fields of the company. Since banking sector is one of the dynamic sectors that has been changed both negatively and positively due to economic crisis in different periods, this study has been applied on the banking sector. In addition to the analysis of these two variables in terms of relationship between each other, it has been also aimed to see if the level of emotional intelligence and job satisfaction differ by state-owned and private banks. As a data collection tool in the study, questionnaire technique has been used, and findings have been obtained from 150 staff through the survey on emotional intelligence competency by Wong and Law, and the short form of Minnesota job satisfaction survey by Weiss, Davis, England, Lofquist.

Keywords: Emotional Intelligence, Job Satisfaction, Banking Sector
ENHANCING EMPLOYEE PERFORMANCE IN NIGERIA THROUGH EFFICIENT TIME MANAGEMENT FRAMEWORKS

ENHANCING EMPLOYEE PERFORMANCE IN NIGERIA THROUGH EFFICIENT TIME MANAGEMENT FRAMEWORKS

Authors: IGBOKWE-IBETO Chinyeaka Justine| Department of Public Administration Faculty of Management of SciencesLagos State University, Ojo – Nigeria, EGBON Uch...
( 36 downloads)
Abstract

In developing countries like Nigeria, the need for time management in organizations cannot be over emphasized. Time management helps in achieving individual and organizational goals in view of the limited amount of time available to man. The paper examines and analyses how time abundant yet scarce resources can be managed for effective and efficient employee performance. In analyzing the issues raised in the paper, we applied time management theories and approaches which enable us direct our search light on the techniques and processes of time management, as well as, the relationship between managers and subordinates as regards time management. The study revealed that organizational managers and subordinates are faced with time management problems which have created difficulties for the attainment of organizational goals. However, certain steps have to be taken to inculcate and promote the virtue of time management that can lead to employee effectiveness and efficiency in the work place. Among others, subordinates in an organization should be encouraged to ask questions and seek agreements on priorities, be prepared to compromise, if necessary in order to make the best use of time, be on guard against unscheduled visitors and telephone calls. Also meetings should be held during specific hours of the day. During other times, people should be available for regular duties at their work-places. These recommendations should be sustained overtime and should be seen as a way of life in organizations. It concludes that time an important element in organizational life, if properly managed would ensure organizational productivity and development.

Keywords: Time, Organization, Management, Performance, Productivity
AN ANALYSIS OF INTEREST AND EXCHANGE RATES EFFECT ON THE NIGERIAN ECONOMY: 1975 – 2008

AN ANALYSIS OF INTEREST AND EXCHANGE RATES EFFECT ON THE NIGERIAN ECONOMY: 1975 – 2008

Authors: Anthony Ilegbinosa Imoisi| School of Graduate Studies, Uzomba Peter Chika, Olatunji Lekan Moses
( 41 downloads)
Abstract

The study examines the impact of interest and exchange rates on the Nigerian economy from 1975-2008. Data for the variables were collected from the CBN statistical bulletin. The study employs the ordinary least square (OLS) technique in the analysis but due to the fact that data are not stationary, a unit root test was employed; it further resorted to co-integration analysis which establishes the existence of a long run relationship between the variables in the models. From our findings we discovered that an increase in interest rate retards investment and subsequently economic growth; and the lag one of exchange rate shows the expected positive sign, implying that depreciation in exchange rate retarded growth from 1975 to 2008. Thus, interest and exchange rates exerted negative impact on the Nigerian economy during the period under review. Consequent upon this, the study therefore recommends among others; that interest and exchange rates should be given due consideration, because a competitive and stable interest and exchange rates will stimulate growth through investment, will strengthen the commercial policy of the country and diversify the productive base of the economy.

Keywords: Interest Rate, Exchange Rate, Ordinary Least Square, Economic Growth, Investment, Commercial Policy
THE IMPACT OF THE EXCHANGE RATE FLUCTUATIONS ON PAKISTAN’S EXPORT SECTORS: AN EMPIRICAL ANALYSIS BASED ON THE SECTORIAL DATA

THE IMPACT OF THE EXCHANGE RATE FLUCTUATIONS ON PAKISTAN’S EXPORT SECTORS: AN EMPIRICAL ANALYSIS BASED ON THE SECTORIAL DATA

Authors: Abid Ali Shah| PhD Scholar, Faculty of Management Science, International Islamic University, Islamabad, Pakistan., Iftikhar Mehboob| Faculty of Manage...
( 35 downloads)
Abstract

This study examines the relationship between the exchange rates and the export sectors of Pakistan. The objective is to study the empirical relationship between the exchange rates and the export sectors. The analysis was conducted on the sectorally segregated monthly data of the exports from July 2003 to April 2010 with nominal exchange rates. The empirical estimation has been resorted to detect both the effects of the nominal exchange rates and the respective volatility of the exchange rates on the export sectors. For the estimation of the long run relationship cointegration and an autoregressive time series regression models are used while generalized autoregressive conditional heteroskedastic methodology has been used to estimate the effects of the exchange rates volatility on export sectors. The results of cointegration and ordinary least square revealed a significant longrun relationship between exchange rates and export sectors, which confirmed that the depreciating currency in case of Pakistan improves the competitiveness of the export sectors, while there is an evidence of volatility effects on the export sectors.

Keywords: Exchange Rates Volatility, Auto Regressive Time Series Regression, GARCH
CAUSALITY BETWEEN OIL CONSUMPTION AND ECONOMIC GROWTH IN IRAN: AN ARDL TESTING APPROACH

CAUSALITY BETWEEN OIL CONSUMPTION AND ECONOMIC GROWTH IN IRAN: AN ARDL TESTING APPROACH

Authors: Gudarzi farahani, Yazdan| M.A student in Economics, Faculty of Economics, University of Tehran E-mail: [email protected], Sadr Seyed Mohammad...
( 42 downloads)
Abstract

Oil is also very important for the Iran’s economic growth. This paper studies the causal relationships between oil consumption and economic growth for Iran using cointegration and error correction model from annual data covering the period of 1980-2010. As economic growth and oil consumption variables used in empirical analysis was integrated of order one, employed Granger causality test. The results show that in the short-run, the Granger causality runs from economic growth to energy consumption In Iran. However, in the long run there is not any Granger causality relationship for this country. In other words, if unidirectional causality runs from energy consumption to income, reducing energy consumption could lead to a fall in economic growth.

Keywords: Oil Consumption, Economic Growth, Cointegration
IMPROVEMENT OF FIRM PERFORMANCE BY ACHIEVING COMPETITIVE ADVANTAGES THROUGH VERTICAL INTEGRATION IN THE APPAREL INDUSTRY OF BANGLADESH

IMPROVEMENT OF FIRM PERFORMANCE BY ACHIEVING COMPETITIVE ADVANTAGES THROUGH VERTICAL INTEGRATION IN THE APPAREL INDUSTRY OF BANGLADESH

Authors: Shah Moahmmad Tanvir Monsur, Takahashi Yoshi
( 37 downloads)
Abstract

In the manufacturing step of the global apparel value chain (GAVC) the firms face fierce competition due to availability of low cost labor and hence the opportunity to make higher profit is a tough job. According to Gereffi (1999) a good strategy to overcome this problem is industrial up-gradation through value chain which resembles vertical integration strategy in the study of strategic management. The major theories on strategic management like Porter’s generic competitive strategy, resource based view and capability based view advocates that industrial up-gradation or value chain integration gains competitive advantages for the firms. But no study done on GAVC has neither discussed what should be the relevant competitive advantages for apparel manufacturing firms on the basis of above mentioned theories nor empirically showed how industrial up-gradation can gain competitive advantages and improve firm performances. Therefore, this study has picked up the variables for competitive advantages examining the above mentioned important theories and linked industrial up-gradation and competitive advantages and subsequently with firm performances. This study has done a survey on 180 apparel firms in Bangladesh and by using structural equation modeling it found that industrial up-gradation through value chain has positive influence on competitive advantages and competitive advantages has significant positive influences on firm performances. By analyzing the result, this study recommends the apparel manufacturers in Bangladesh that they should allocate the physical resources and build up human resources in such a way that in future they can vertically integrate. The firms must not stick to the strategy of reduction of labor cost rather they should also try to pursue for other competitive advantages like time, quality, reliability and flexibility. In this way the firm performances would be improved.

Keywords: Industrial up-gradation, vertical integration, generic competitive advantage, resource based view, value chain advantages
THE IMPACT OF MERCANTILISM ON MACROECONOMIC EXPOSURES OF BUSINESS IN NIGERIA: IMPLICATIONS FOR ECONOMIC POLICY

THE IMPACT OF MERCANTILISM ON MACROECONOMIC EXPOSURES OF BUSINESS IN NIGERIA: IMPLICATIONS FOR ECONOMIC POLICY

Authors: Imoisi Anthony Ilegbinosa| University of Port Harcourt P.M.B. 5323, Choba, Rivers State Email: [email protected], Uzomba Peter Chika| University...
( 45 downloads)
Abstract

The paper examined the impact of mercantilism ideology on macroeconomic exposures of business in Nigeria. This was prompted by the sluggish growth and poor performance of businesses in Nigeria. In order to probe into this issue, an attempt was made to investigate the relevance of mercantilists’ contributions to the Nigerian business activities by discriminately considering macroeconomic exposures, which is operationally defined as the business environment. For this issue to be addressed, questions on how macroeconomic exposures such as personal income tax, company income tax, unemployment rate, GDP per capita, per capita income, money supply and lending rate have impacted on business in Nigeria was raised. For the sake of empirical evidence, those macroeconomic exposures appealed to some secondary data by proxy. The findings ensued from the analysis are that the contributions of mercantilists are relevant to macroeconomic exposures of business in Nigeria because their business philosophy is in line with realities on Nigerian business environment. However, unemployment rate as a macroeconomic exposure did not conform to the philosophy of mercantilism. Arising from the foregoing, it was concluded that if the Nigerian business world should look inward and harness the available economic resources, then the ideas of the mercantilism are likely to be totally relevant. Based on this, it was therefore recommended that the Nigerian Government should initiate economic policies that could encourage sectoral protection.

Keywords: Mercantilism, Macroeconomic Exposures, Business Environment, Personal Income Tax, Lending Rate, Money Supply
POSSIBILITIES FOR DEVELOPMENT BY LOCAL GOVERNMENT WITH PARTNERSHIP OF GLOBAL CAPITAL: A CONCEPT FOR BENCHMARKING THE SUSTAINABLE-MEGACITY

POSSIBILITIES FOR DEVELOPMENT BY LOCAL GOVERNMENT WITH PARTNERSHIP OF GLOBAL CAPITAL: A CONCEPT FOR BENCHMARKING THE SUSTAINABLE-MEGACITY

Authors: Bilal Ahmed| Ph.D Research Fellow, Department of Economics, University of Karachi, Pakistan: E-mail: [email protected]
( 33 downloads)
Abstract

The model of economic development, in general faces the dilemma of resource scarceness and the manageability of required output from limitation of resources would be challenging task for policymakers. Therefore, development of megacity which could franchise the demands of economic development is an important element. Hence, we reached on this conclusion that, sustainable megacity is the essential ingredient of economic development. This paper addresses the role of local government in coordination with provincial and federal government for the development of sustainable megacities by utilizing the assistance of global-capital. We tried to address degree specific 132 indicators to construct the benchmark for megacity which could describe the sustainability level of megacity that how and by which process the same transaction is possible or implementable.

Keywords: Local Government, Sustainable Megacity, Global Capital, Economic Development
AN EXAMINATION OF THE FACTORS THAT DETERMINE THE PROFITABILITY OF THE NIGERIAN BEER BREWERY FIRMS

AN EXAMINATION OF THE FACTORS THAT DETERMINE THE PROFITABILITY OF THE NIGERIAN BEER BREWERY FIRMS

Authors: Okwo Ifeoma Mary| Department of Accountancy, Enugu State University of Science and Technology, Enugu State, Nigeria., Ugwunta David Okelue| Department...
( 41 downloads)
Abstract

This paper examines the internal factors that determine the profitability of the beer brewery firms in Nigeria. An OLS in the form of multiple regressions were applied to annual data generated from the annual statements and accounts of the sampled beer brewery firms covering a period of 2000 to 2011. The correlation and regression results identified the ratios of inventory to cost of goods sold; account receivables to sales; and sales and general administrative expenses to sales to have statistically significant impact on gross profit margin. The paper concludes that the above identified independent variables are the internal factors that determine the profitability of beer brewery firms in Nigeria.

Keywords: Gross profit margin, beer brewery firms, sales, cost of goods sold, inventory, account receivable
THE DETERMINANTS OF THE FINANCING DECISIONS OF LISTED AND NON-LISTED FIRMS IN GHANA

THE DETERMINANTS OF THE FINANCING DECISIONS OF LISTED AND NON-LISTED FIRMS IN GHANA

Authors: Alhassan Andani| Department of Mathematics, University for Development Studies (UDS), P O Box 24, Navrongo, Ghana, Seidu Al-hassan| Centre for Continu...
( 62 downloads)
Abstract

The study examines the financing decisions of 19 listed companies in comparison with 16 non-listed companies in Ghana. The study tests some hypotheses related to capital structure determinants and debt policy decisions. The study finds support for the pecking order hypothesis across all firms. The free cash flow hypothesis holds for long-term debt decisions across firms but not the capital structure decisions. All forms of debt policy decisions are consistent with the matching principle except non-listed firms’ long term debt. The study does not find any significant differences between listed and non-listed firms in the application of debt. Policy recommendations are provided.

Keywords: Capital Structure, financial leverage, debt instruments, investments
DOES THE LOAN LOSS PROVISION AFFECT THE BANKING PROFITABILITY IN CASE OF PAKISTAN?

DOES THE LOAN LOSS PROVISION AFFECT THE BANKING PROFITABILITY IN CASE OF PAKISTAN?

Authors: Ahmed Raza ul Mustafa| Ph.D Scholer, Department of Economics, University of Karachi, Karachi, Riaz Hussain Ansari| Lecturer, Department of Business Ad...
( 45 downloads)
Abstract

This paper examines the impact of loan loss provisions of the banks on the performance of the banks operating in Pakistan. Moreover the other factors that affect the banking profitability have been discussed in this study. Our results show that the loan loss provision of the banks is of paramount importance in affecting its profitability. A well-managed bank is perceived to be of lower loan loss provision and such an advantage will be translated into higher profitability. In addition, banks advances and deposits which represent the vital role for the determination of banking profitability. Finally, with regard to non financial variable, political instability in the previous period has more significant effect on the present banks profitability rather than the political instability at present period.

Keywords: Banks, Profitability, Return on Assets, Loan Loss Provision, Correlation, Fixed & Random Effect
DOWRY SYSTEM IN PAKISTAN

DOWRY SYSTEM IN PAKISTAN

Authors: Shazia Gulzar| Lecturer, Lahore Business School, The University of Lahore, Muhammad Nauman| Lahore Business School, The University of Lahore, Farzan Y...
( 31 downloads)
Abstract

This research paper argues on the evil of dowry system and its impact on Pakistani civilization. The objectives of this research were to substantiate the effect, favoritism and involvement of people in Dowry system. This research notified that dowry creates imbalance in the status of women and it affect women mentally and physically. Dowry is also a cause of endorsing greed and conflicts in the society. Majority of people are involved in dowry system whether they are educated or illiterate. However, most of the respondents are against this system. Simple random sampling technique and questionnaire as a data collection instrument has used to accomplish this research. Furthermore, reliability analysis has applied to verify the reliability of scale and chi-square has used to check the association of demographics with research questions. Results have been discussed in the light of Pakistani cultural context.

Keywords: Dowry, Cronbach's Alpha, Chi-Square, NGOs
INSTITUTIONS AND ECONOMIC GROWTH

INSTITUTIONS AND ECONOMIC GROWTH

Authors: Hadhek Zouhaier| Superior Institut of Gestion (ISG) of Gabès- Tunisia ISG Gabès rue Jilani Habib 6002 Gabès- Tunisia, Mohamed Karim KEFI| ISTEC Busine...
( 38 downloads)
Abstract

The objective of this paper is to study the effect of institutional factors on economic growth of a set of 37 developed and developing countries for six successive periods of five years, from 1975 until 2000, using a static panel data model. The key findings generated by this empirical test stipulate a dominant effect exerted by economic institutions on economic growth of the total sample of countries and developed countries.

Keywords: political institutions, economic institutions, static panel data, economic growth
HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM NIGERIA

HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM NIGERIA

Authors: Wakeel A. Isola| Economics Department, University Lagos, Lagos, Nigeria, R. A Alani| Educational Administration Department, University of Lagos, Lagos...
( 50 downloads)
Abstract

The study examined the contribution of different measures of human capital development to economic growth in Nigeria. It used data from Nigeria and adopted the growth account model which specifies the growth of GDP as a function of labour and capital. The model also included a measure of policy reforms. Based on the estimated regression and a descriptive statistical analysis of trends of government commitment to human capital development, it was found that though little commitment had been accorded health compare to education, empirical analysis showed that both education and health components of human capital development are crucial to economic growth in Nigeria.

Keywords: Human capital, Economic Growth, Nigeria

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