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All Journal International Journal of Islamic Economics and Finance (IJIEF) Journal of Economics Research and Social Sciences AGRARIS: Journal of Agribusiness and Rural Development Research
Laygan, Resa Mae
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Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance Social Sciences

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Islamic Finance and Economic Performance: A Panel Analysis in Selected Countries Alferez, Michelle; Bagtasos, Noel Francis; Chio, Khrystelle Shane; Payot, Justine; Laygan, Resa Mae; Abing, Martha Joy; Capulong, Charlyn; Teves, Maria Rizalia
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.22562

Abstract

Financial crises, and stock markets over the years have amply shown how investors’ sentiment affect asset prices and the effectiveness of stock markets. Such a crisis brought down financial institutions sent stock markets tumbling, and left consumers scrambling due to subprime mortgages. With this, Islamic finance adoption has driven demand for Islamic financial products being free from interest. Hence, this study aimed to determine how Islamic finance can influence the economy of 19 selected countries adopting Islamic finance. These countries have marginal to significant scores in Islamic Finance across the years. This study utilized panel data from 2013 to 2021, which was gathered from the Global Islamic Finance Report, Global Innovation Report, and World Bank. A number of diagnostic tests and analyses were performed in order to reach a result that addressed the objectives and problem statement. The Panel Corrected Standard Errors analysis was used as the final model to treat heteroscedasticity, cross-sectional dependence, and autocorrelation. Based on the regression results, Islamic finance has a positive and statistically significant effect on the economy. The regression results indicate a positive and statistically significant impact of Islamic finance on the economies of the studied countries. This finding underscores the potential of Islamic finance to stimulate economic growth, enhance financial stability, and foster inclusivity in financial markets. Consequently, the findings highlight the pivotal role of macroeconomic variables and the adoption of Islamic finance principles in shaping economic outcomes.
The Effect of Green Bonds on Natural Capital Protection: Worldwide Evidence Tamula, Keziah Eunice; Navidad, Nazh Claire; Peregrino, Trishia Dianne; Abing, Martha Joy Jalalon; Teves, Maria Rizalia; Capulong, Charlyn; Laygan, Resa Mae
Journal of Economics Research and Social Sciences Vol 8, No 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.21604

Abstract

The continued destruction of nature, including the degradation of natural capital and biodiversity, threatens ecosystem services and human well-being. Natural capital is crucial for providing the conditions necessary for human survival and ecosystem services. Without protecting natural capital, this degradation will have lasting effects on current and future generations. Existing studies increasingly show that Green Bonds can finance environmental projects effectively, but few have examined their impact on natural capital protection. This study investigates the effect of Green Bonds on natural capital protection globally, using IMF Climate Data and World Bank data from 2019 to 2022. By applying the Green Investment theory and quantile-panel regression analysis, the results show that Green Bonds significantly enhance natural capital protection at the 25th and 50th percentiles. This indicates that countries can improve their natural capital protection through the issuance of Green Bonds. Moreover, the study finds that renewable energy positively correlates with natural capital protection, while population growth and total natural resource rents have negative impacts. Hence, this study recommends that governments prioritize the issuance of Green Bonds to fund environmental initiatives.
Islamic Finance and Economic Performance: A Panel Analysis in Selected Countries Alferez, Michelle; Bagtasos, Noel Francis; Chio, Khrystelle Shane; Payot, Justine; Laygan, Resa Mae; Abing, Martha Joy; Capulong, Charlyn; Teves, Maria Rizalia
International Journal of Islamic Economics and Finance (IJIEF) Vol. 7 No. 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.22562

Abstract

Financial crises, and stock markets over the years have amply shown how investors’ sentiment affect asset prices and the effectiveness of stock markets. Such a crisis brought down financial institutions sent stock markets tumbling, and left consumers scrambling due to subprime mortgages. With this, Islamic finance adoption has driven demand for Islamic financial products being free from interest. Hence, this study aimed to determine how Islamic finance can influence the economy of 19 selected countries adopting Islamic finance. These countries have marginal to significant scores in Islamic Finance across the years. This study utilized panel data from 2013 to 2021, which was gathered from the Global Islamic Finance Report, Global Innovation Report, and World Bank. A number of diagnostic tests and analyses were performed in order to reach a result that addressed the objectives and problem statement. The Panel Corrected Standard Errors analysis was used as the final model to treat heteroscedasticity, cross-sectional dependence, and autocorrelation. Based on the regression results, Islamic finance has a positive and statistically significant effect on the economy. The regression results indicate a positive and statistically significant impact of Islamic finance on the economies of the studied countries. This finding underscores the potential of Islamic finance to stimulate economic growth, enhance financial stability, and foster inclusivity in financial markets. Consequently, the findings highlight the pivotal role of macroeconomic variables and the adoption of Islamic finance principles in shaping economic outcomes.
The Effect of Green Bonds on Natural Capital Protection: Worldwide Evidence Tamula, Keziah Eunice; Navidad, Nazh Claire; Peregrino, Trishia Dianne; Abing, Martha Joy Jalalon; Teves, Maria Rizalia; Capulong, Charlyn; Laygan, Resa Mae
Journal of Economics Research and Social Sciences Vol. 8 No. 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.21604

Abstract

The continued destruction of nature, including the degradation of natural capital and biodiversity, threatens ecosystem services and human well-being. Natural capital is crucial for providing the conditions necessary for human survival and ecosystem services. Without protecting natural capital, this degradation will have lasting effects on current and future generations. Existing studies increasingly show that Green Bonds can finance environmental projects effectively, but few have examined their impact on natural capital protection. This study investigates the effect of Green Bonds on natural capital protection globally, using IMF Climate Data and World Bank data from 2019 to 2022. By applying the Green Investment theory and quantile-panel regression analysis, the results show that Green Bonds significantly enhance natural capital protection at the 25th and 50th percentiles. This indicates that countries can improve their natural capital protection through the issuance of Green Bonds. Moreover, the study finds that renewable energy positively correlates with natural capital protection, while population growth and total natural resource rents have negative impacts. Hence, this study recommends that governments prioritize the issuance of Green Bonds to fund environmental initiatives.
An Analysis of the Globalization Impact on Food Supply Adequacy in Selected Developing Countries Alforque, Juliana; Buot, Dhymae Marl; Crampatanta, Charlywin; Paporo, Mohammad Hanif; Laygan, Resa Mae; Abing, Martha Joy; Capulong, Charlyn; Teves, Maria Rizalia
AGRARIS: Journal of Agribusiness and Rural Development Research Vol. 11 No. 1: January-June 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/agraris.v11i1.753

Abstract

Despite ongoing efforts to reduce hunger, inadequate food supply remains a perilous issue in developing countries. The State of Food Security and Nutrition in the World 2024 report highlights the rising incidence of severe food insecurity, particularly in developing countries, and the worsening conditions in nations already experiencing significant hardship. Accordingly, this study aims to assess the role of globalization in addressing food supply adequacy in developing nations. It focused on answering the research gap on whether globalization significantly affects food security. The research utilized data from 80 developing countries from 2012 to 2021. Employing panel-corrected standard error (PCSE) estimation with 800 observations, the analysis revealed that globalization exerted a positive and statistically significant impact on food supply adequacy. A gain of one point in the globalization index enhanced food supply adequacy, all else being equal. Social globalization, political globalization, economically active age group population, and access to finance and financial products for farmers favorably influenced food supply adequacy; however, the World Risk Index (WRI) imposed an adverse impact. Additionally, economic globalization exhibited a detrimental and substantial effect, whereas agricultural total factor productivity demonstrated a positive association lacking statistical significance. These discoveries suggested that globalization enhanced food supply adequacy, emphasizing the necessity for governments in developing countries to adopt policies fostering economic integration and invest in resilient food systems to ensure an adequate food supply.
Co-Authors Abing, Martha Joy Abing, Martha Joy Jalalon Alferez, Michelle Alforque, Juliana Bagtasos, Noel Francis Buot, Dhymae Marl Capulong, Charlyn Chio, Khrystelle Shane Crampatanta, Charlywin Navidad, Nazh Claire Paporo, Mohammad Hanif Payot, Justine Peregrino, Trishia Dianne Tamula, Keziah Eunice Teves, Maria Rizalia