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Economic Journal of Emerging Markets
Published by Universitas Islam Indonesia
ISSN : 20863128     EISSN : 2502180x     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Economic Journal of Emerging Markets (EJEM) is a peer-reviewed journal which provides a forum for scientific works pertaining to emerging market economies. Published every April and October, this journal welcomes original research papers on all aspects of economic development issues. The journal is fully open access for scholarly readers.
Arjuna Subject : -
Articles 589 Documents
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Unit root tests in the presence of structural breaks: Evidence from African stock markets Osarumwense Osabuohien-Irabor
Economic Journal of Emerging Markets Volume 12 Issue 2, 2020
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol12.iss2.art1

Abstract

This paper examines whether stock prices for fourteen African countries are affected by transitory or permanent shocks. This study answers whether Africa stock market indices are mean-reverting or random-walk in the presence of multiple structural breaks. To investigate African equity price behavior, we considered one and two endogenously determined structural break tests of Zivot and Andrews (1992) and Lumsdaine and Papell (1997), respectively. Findings/Originality: Our results show that almost all African equity price indices follow the random walk processes except for Senegal and Botswana, which exhibit mean-reversion properties in its equity prices. It implies that investors in African stock markets cannot rely on past information and behavior to predict stock market movements or develop their trading strategies. The result also confirms that the Augmented Dickey-Fuller (ADF) unit root test is not applicable in the presence of structural breaks in African stock markets.
The role of agricultural productivity in economic growth in middle-income countries: An empirical investigation Arif Eser Güzel; Cemil Serhat Akin
Economic Journal of Emerging Markets Volume 13 Issue 1, 2021
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol13.iss1.art2

Abstract

Purpose - This study investigates the role of agricultural productivity in economic growth in middle-income countries.Methods - This study utilizes the data of 53 middle-income countries over the period 1991-2017 and provides robust estimations using second-generation panel data methods considering cross-sectional dependency.Findings - The estimation results of the Common Correlated Effects Mean Group (CCEMG), Dynamic-CCEMG, and biased-corrected form of Dynamic-CCEMG, suggest that agricultural productivity is the main engine of economic growth. Additional findings show that economic growth is positively associated with both physical capital and human capital. This paper does not find any significant relationship between trade openness and economic growth.Implications - This study reveals that the industrialization process in middle-income countries to boost economic growth can be accelerated by implementing policies to increase productivity in the agricultural sector.Originality - This study focuses on analyzing the effect of agricultural productivity neglected mainly in recent studies on economic growth. This paper develops a second-generation estimator that considers cross-sectional dependence.
Oil price and stock market returns uncertainties and private investment in Saudi Arabia Imed Medhioub; Mohammed Makni
Economic Journal of Emerging Markets Volume 12 Issue 2, 2020
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol12.iss2.art7

Abstract

The private sector plays a crucial role in the economy. This paper constructs an empirical model for the sector in Saudi Arabia. It incorporates oil price uncertainty as well as stock market returns volatility to predict the sector. It estimates the GARCH (generalized autoregressive conditional heteroskedasticity) and ARDL (autoregressive distributed lag) models. Findings/Originality: Our estimations show significant evidence of a long-run relationship between private investment, oil price, and the stock market. We also find that the stock market index has a significant positive effect on private investment in the short run. The effects are strong in the case of unexpected news from the oil sector. Oil price uncertainty can be considered as a channel of transmission of negative shocks on the private sector. For these reasons, when Saudi Arabia has launched its 2030 vision, it announced that one of its goals is to become a non-oil dependent country.
Personal income distribution in Turkey: A generalized ordered logit analysis Vedat Kaya; Ali Kemal Çelik; Muhammet Kutlu
Economic Journal of Emerging Markets Volume 12 Issue 2, 2020
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol12.iss2.art2

Abstract

Income distribution decomposition may be affected by a variety of different factors. The main objective of this study is to examine potential factors of personal income distribution in TRA1 sub-region, the three highest income inequality in Turkey. The dataset was drawn from the Turkish Household Income and Life Conditions Survey. Due to the natural ordering of the dependent variable, a generalized ordered logit model was performed to analyze the data. Findings/Originality: The estimation results reveal that gender, age, marital status, educational level, occupational group, and general health status were found to be statistically significant determinants of personal income distribution in TRA1 sub-region of Turkey. The empirical evidence gathered from this study may add an explanation for personal income distribution decomposition in sub-regions of Turkey. In addition, the finding contributes to the human capital theory development that implies the importance of educational policy as one of the effective tools in reducing inequality.
Environmental Kuznets Curve: Moderating role of financial development Mansoor Mushtaq; Shabbir Ahmed
Economic Journal of Emerging Markets Volume 13 Issue 1, 2021
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol13.iss1.art3

Abstract

Purpose - This study analyzes the moderating role of financial development in the Environmental Kuznets Curve (EKC) hypothesis in 25 countries.Methods - This paper uses Lin and Chu unit root test to check the stationary of the variables. The unit root test result leads to the investigation using the panel pooled mean group model.Findings - The results of the long-run analysis show that the EKC hypothesis exists, and financial development plays its role in two ways. Firstly, it confirms the EKC hypothesis, and secondly, it improves the coefficients of supporting variables, namely economic growth, energy growth, and manufacturing value-added. The results are robust to changing the proxies of dependent as well as independent variables. The error correction model results show that the sign of the error correction term is negative and significant, implying that all of the models will converge toward their long-run equilibrium.Implications - Financial development is a crucial determinant to reduce environmental degradation in these countries. This implies that the governments of these countries should focus on enhancing financial development for the betterment of the environment.Originality - The study analyzes the role of the financial sector as a moderating role in the EKC hypothesis both in emerging economies and well-developed economies.
The linkage between globalisation and financial inclusion: Do inequality and institutions matter? Malik Cahyadin
Economic Journal of Emerging Markets Volume 12 Issue 2, 2020
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol12.iss2.art8

Abstract

This paper examines the effect of the globalization threshold on financial inclusion in 40 selected countries during 2000-2018. A principal component analysis (PCA) and a static panel threshold (SPT) are utilized. There are three dimensions and one aggregation of financial inclusion indicators assessed by PCA, while the globalization threshold is estimated under static panel threshold regression. Findings/Originality: The findings exhibit six countries with strong financial inclusion and eight countries with weak financial inclusion during study periods. Furthermore, the threshold effect of globalization has a significant impact on the financial inclusion index. The robustness checking employs panel cointegration test exhibits that inequality and some institutions indicators have a significant impact on financial inclusion both in the short-run and long-run. The policy implication suggests that governments should increase the financial inclusion index level during the globalization period, decrease inequality, and improve institutions' quality.
Government expenditure and standard of living in an emerging market in Africa–Nigeria Sarah Elechi Jeff-Anyeneh; Amalachukwu Chijindu Ananwude; Gideon Kasie Ezu; Andrew Izuchukwu Nnoje
Economic Journal of Emerging Markets Volume 12 Issue 2, 2020
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol12.iss2.art4

Abstract

The effect of government expenditure on the standard of living has different impact for various level of economies. In this study, we determined the effect of government recurrent and capital expenditure on the standard of living in Nigeria using a test of causation. The long and short run estimates were done by utilizing an Autoregressive Distributive Lag (ARDL) model using data that spanned from 1981 to 2018. Findings/Originality: Precipitously, we asserted that government recurrent and capital expenditure have a significant effect on the standard of living in Nigeria. Nevertheless, that is not the true reflection of the living standard in the country. There is an enormous need for the government to increase its expenditure on the health sector. Investment in healthcare is positively related to economic growth and has the potential of reducing poverty, hence a better standard of living. The Federal Government of Nigeria ought to, as a matter of direness, prioritize capital expenditure over recurrent expenditure.
Bank lending in an emerging economy: How does central bank reserve accumulation matter? Van Dan Dang; Japan Huynh
Economic Journal of Emerging Markets Volume 13 Issue 1, 2021
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol13.iss1.art5

Abstract

Purpose - The paper examines the impacts of the central bank's foreign exchange reserves on bank lending, captured by the dimensions of quantity (loan growth) and quality (credit risk).Methods - This research analysis is based on bank-year observations in Vietnam during 2007–2019 and employs the two-step system Generalized Method of Moments in dynamic panels.Findings - This study finds that banks tend to increase their loan growth rate in response to reserves accumulation. Banks also expand loans and cash items on their asset structure while subsequently slashing total security investments and disaggregate government bond holdings. Our results also indicate that the central bank reserves accumulation is associated with less credit risk and more financial stability of the banking system.Implication - This paper supports the notion that reserve accumulation could be a complementary monetary policy tool for lending navigation and economic growth. Besides, reserve interventions may be used for financial stability, given the finding that it is found to curtail bank credit risk and financial instability.Originality - This paper contributes to the literature by focusing on critical aspects of bank lending, including quantity and quality, to paint a bigger picture of the benefits and costs of reserve accumulation and decompose bank asset portfolios into disaggregate components, thereby providing more insight into bank responses.
Monetary policy transmission: Balance sheet channel and investment behavior of firms in Pakistan Amir Rafique; Muhammad Umer Quddoos; Shujat Ali; Faheem Aslam; Muneeb Ahmad
Economic Journal of Emerging Markets Volume 13 Issue 1, 2021
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol13.iss1.art1

Abstract

Purpose - This study investigates the relevance of the balance sheet channel of monetary policy transmission concerning non-financial firms at the Pakistan Stock Exchange (PSX), a firm-level data.Methods - This paper estimates a family of panel data regression models and constructs a dummy variable for monetary policy tightness.Findings - The result indicates a positive relationship between cash flows and investment during periods of monetary tightness. The impact on cash flows is visibly more pronounced than that of the quantitative effect of an increase in capital cost, which gives rise to a balance sheet channel. Three financial constraints, namely size, leverage, and dividend policy, are used to segregate firms into financially constrained and unconstrained firms.Implication - The results highlight the balance sheet channel impact on smaller firms' cash. The cash flows of highly leveraged firms were impacted more during the tight monetary policy periods and thereby were more prone to decline in investments. Results on constraints of dividend policy are, however, inconclusive.Originality - The paper contributes to the literature by investigating the relevance of the balance sheet channel of monetary policy transmission concerning non-financial firms using firm-level data. It also contributes to the literature by constructing a dummy variable to measure monetary policy tightness.
Macroeconomic uncertainty and investment relationship for Turkey Pelin Öge Güney
Economic Journal of Emerging Markets Volume 12 Issue 2, 2020
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol12.iss2.art3

Abstract

Macroeconomic uncertainties are expected to affect investment decisions. This study analyzes the effect of the real exchange rate, inflation, and growth uncertainties on private investment in Turkey, an emerging country. While a generalized autoregressive conditional heteroskedasticity (GARCH) model is adopted to measure uncertainties, the existence of a long-run relationship of the variables is assessed using the bound testing approach. Finally, an error correction model is estimated to capture the dynamic relationship. Findings/Originality: The results for the short-run dynamic estimation show that both inflation and real exchange rate uncertainties have a significant negative effect on investments. As for the long-run equilibrium, exchange rate, inflation, and growth uncertainties have a negative impact on private investments. The application of inflation targeting and exchange rate stabilization policy might effectively reduce uncertainty on investments, thus supporting economic growth in the short term.

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