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Abd. Ghafar Ismail
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Economics, Econometrics & Finance

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Interest Rate Uncertainty, Spread and Economic Activity: Empirical Evidence in Malaysia Abd. Ghafar Ismail; Zulkefly Abdul Karim; Mohd.Azlan Shah Zaidi; Hairunnizam Wahid
Economic Journal of Emerging Markets Volume 11 Issue 3, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i3.521

Abstract

The determination of the term structure of interest rate is of great interest to both policy makers and researchers in finance and economics. Not surprisingly, a large body of literature (among others, Fisher (1907), Cox, Ingersoll and Ross (1985), and Longstaff (2000). The uncertainty of interest rates is another variable that has been widely investi-gated, since it measures uncertainty of a macroeconomic nature. It is important both for its effect on the macroeconomic variables (interest rates, investments, etc.) and its effect on in-dividual or firm investment decisions (see, for example, Siegfred (2000)). Therefore, this study will focus on the interest rate spread resulting from default risk and attempts to explain how and why the risk spread leads business cycles. This study also contribute to the existing literature by looking at the interest rate uncertainty that plays a critical role in explaining the interest rate spread and economic activity. Furthermore, the finding shows that interest rate uncertainty embodies useful information in term of predicting the growth rate of indus-trial production.Key words: interest rate uncertainly, interest rate spread, economic activity
A Test Of Endogenous Growth Theories In Malaysia Moh. Nasir Saukani; Abd. Ghafar Ismail; Rizaudin Sahlan
Economic Journal of Emerging Markets Vol. 7 No. 1 (2002)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v7i1.653

Abstract

The aim of this paper is to investigate the determinants in per capita growth rate in Malaysia. The determinants draw on the recent endogenous growth theories and apply the Solow methodology to time series data from Malaysia, In our model, we develop a three different mode IS, i.e. Solow model, Mankiw Romer  Weil model and modifies Solow model. Our results indicate that, the growth rate of investment/GDP ratio, the growth rate of export trade over GDP ratio and the ratio of quasi liabilities of the financial system to GDP lead to improved growth performance.JEL classification: E23Keywords: endogenous growth model, international trade, government budget, and financial intermediation
Co-Authors Hairunnizam Wahid Moh. Nasir Saukani Mohd.Azlan Shah Zaidi Rizaudin Sahlan Zulkefly Abdul Karim