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Trends in Emerging Markets Finance, Institutions and Money

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Nguyễn Gia Hào

Academic year: 2023

Chia sẻ "Trends in Emerging Markets Finance, Institutions and Money"

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A Test of Market Efficiency When Short Selling is Prohibited: A Case of the Dhaka Stock Exchange. A comparison of the performance of various methods to calculate the value-at-risk of the six main ASEAN stock markets.

European Bank’s Performance and Efficiency

  • Introduction
  • Literature Review and Hypothesis
  • Data and Methodological Framework 1. Data
  • Results for the Dynamic Evaluation 1. GMM Results
  • Conclusions and Further Research

According to García-Herrero et al.(2009), the increase in the size of the bank can also make bank management difficult due to the occurrence of aggressive competitive strategies. The determinants of commercial banking profitability in low, middle and high income countries. The Quarterly Review Economics and Finance54: 337–54.

Table 1. Description of the explanatory variables. Bank-specific characteristics as determinants of bank return on average assets (ROAA).
Table 1. Description of the explanatory variables. Bank-specific characteristics as determinants of bank return on average assets (ROAA).

Exchange Rate Misalignment and Capital Flight from Botswana: A Cointegration Approach with

Literature Review

The literature suggests that overvaluation of the RER was the cause of capital flight in Latin America (Cuddington 1986). Consequently, this study aims to identify the impact of exchange rate misalignment on capital flight from Botswana as an effort to promote FDI inflows, economic diversification and sustainable growth.

Methodology

The KFi variable is better than the VKF because it allows tracking the dynamics of capital flight from the Botswana economy. Therefore, this study uses an ARDL bounds testing procedure to examine the REER mismatch and capital flight from Botswana (Equations (1), (8) and (9)).

Results

The null of the first hypothesis (H1) proposed that the overvaluation of the Botswana pula increases capital flight in the long run. The results of the ARDL bounds test show that there is a long-run equilibrium relationship between capital flight and its factors.

Table 2. Long-run coefficients of the determinants of LNREER (restricted model).
Table 2. Long-run coefficients of the determinants of LNREER (restricted model).

Conclusions

Real and monetary determinants of real exchange rate behavior: Theory and evidence from developing countries.Journal of Development Economics29: 311–41. Relationship between real exchange rate misalignment and capital flight in developing countries. Theoretical and Applied Economics11: 121–40.

Figure A1. Botswana’s outward capital flight (KF). Positive values indicate resources leaving Botswana to other economies and less preference for domestic assets (outward capital flight)
Figure A1. Botswana’s outward capital flight (KF). Positive values indicate resources leaving Botswana to other economies and less preference for domestic assets (outward capital flight)

The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South

Review of Literature

The literature suggests that diversification is important and can increase the financial performance of firms. Proper management of financial decisions (investments, financing, working capital and dividend policy) is essential for the financial performance of companies (Butt et al. 2010).

Methodology 1. Data

We handle the unobserved heterogeneity by using a fixed effect or by taking the first or second difference. The ability of the first or second difference to remove the unobserved heterogeneity is developed for two-stage dynamic panel data models.

Empirical Analysis

Cost of capital, corporate finance and the investment theory. The American Economic Review48: 261–97. On the nature and scope of the firm: An adjustment cost theory. The Journal of Business.

Table 3. Descriptive Statistics.
Table 3. Descriptive Statistics.

Determinants and Impacts of Financial Literacy in Cambodia and Viet Nam

Literature Survey

Lusardi and Mitchell (2014) provide an extensive review of the literature on factors associated with financial literacy. In their study, Hastings et al. (2013, p. 359) argue that the evidence for the effectiveness of financial education programs is in financial literacy. Many newspapers try to link measures of financial literacy with other economic and financial behavior, going back to Bernheim in the US.

Data and Methodology 1. Data Collection

In this article we follow the methodology in OECD/INFE(2015a) to calculate scores for the different indicators of financial literacy and financial inclusion. Table 1 shows the mean values ​​of the financial literacy and financial inclusion scores in Cambodia and Vietnam, including breakdowns by different categories. The financial literacy scores are only 11.8 and 12.5 in Cambodia and Vietnam respectively, out of a total possible score of 21.

Figure 1. Self-assessment of overall knowledge about financial matters in Cambodia and Viet Nam.
Figure 1. Self-assessment of overall knowledge about financial matters in Cambodia and Viet Nam.

Econometric Results

An increase of one standard deviation in the financial literacy score is associated with a greater likelihood of saving by about 7 percentage points in Cambodia and 10 percentage points in Vietnam. A one standard deviation increase in the financial literacy score reduces the likelihood of not saving by 12.4 percentage points in Cambodia and 16.8 percentage points in Vietnam. Table 8 shows our estimation results for the relationship between financial literacy and financial inclusion in Cambodia (columns 1-3) and Vietnam (columns 4-6).

Table 4. Determinants of financial knowledge, financial behavior and financial attitude scores in Cambodia and Viet Nam.
Table 4. Determinants of financial knowledge, financial behavior and financial attitude scores in Cambodia and Viet Nam.

Discussion

The evaluation results show an increase in the magnitude of the effect of the financial literacy assessment on the decision to save. As shown in Table A7, the financial literacy score still has a statistically significant effect on financial inclusion. While the effect of the financial literacy assessment is on narrowly defined saving behavior (i.e. whether respondents have any formal savings product).

Table A1. Sample distribution by region in Cambodia and Viet Nam (number of respondents).
Table A1. Sample distribution by region in Cambodia and Viet Nam (number of respondents).

Exchange Rate Volatility and Disaggregated Manufacturing Exports: Evidence from an

Overview of Vietnam’s Exports and Exchange Rate

This section provides a background to give an overview of how the exchange rate market works in Vietnam, as well as the state of manufacturing exports in Vietnam during the period 2000-2015. In Vietnam, the exchange rate market is controlled by the State Bank of Vietnam (SBV). Figure 1 shows the annual values ​​of Vietnam's manufacturing exports, and the line depicts the trend in the VND/USD exchange rate from 2000 to 2015.

Table 1. Fluctuation Bands of USD/VND Exchange Rate, 1999–2015.
Table 1. Fluctuation Bands of USD/VND Exchange Rate, 1999–2015.

Literature Review

Empirical studies have examined the relationship between exchange rate volatility and exports using aggregate trade data. This suggests that the impact of exchange rate volatility on exports should be tested on a case-by-case basis; therefore, studies on this issue are always valuable. The first is the standard deviation of the percentage change in the exchange rate (Chit 2008; Hayakawa and Kimura 2009).

Model Specifications

The second measure of volatility is the moving average standard deviation (MASD) of the real exchange rate in logarithmic terms (Chit et al. 2010; De Vita and Abbott 2004). As such, we tend to use these 10 manufacturing export subsectors because of the data collection. To convert monthly volatility into annual data, we averaged the volatility of the year in question.

Table 2. Data description.
Table 2. Data description.

Empirical Results 1. Volatility Measurement

This section presents the estimation results concerning the effects of exchange rate volatility on manufacturing exports for the entire sample and in three regions: Asia, Europe and the Americas. GDP and real bilateral exchange rate are positively related in estimation for the whole sample and Asia. The long-run effects of exchange rate volatility in each subsector for the entire sample and in the three regions are presented in Tables 8 and 9, respectively.

Figure 3. Exchange rate volatility over the 2000–2015 period.
Figure 3. Exchange rate volatility over the 2000–2015 period.

Concluding Remarks

Exchange rate variability and industry trade flows between Malaysia and Japan. The Journal of International Trade & Economic Development 25: 453–78. Exchange rate volatility and industrial trade between Canada and Mexico.The Journal of International Trade & Economic Development21: 389–408. Effect of exchange rate volatility on industry trade flows between Malaysia and China.The Journal of International Trade & Economic Development23: 626–55.

Table A1. List of Sub-subsector.
Table A1. List of Sub-subsector.

Using Unconventional Wisdom to Re-Assess and Rebuild the BRICS

Materials and Methods

To begin our approach to conventional wisdom, we need to define what it is. Trillions of dollars and millions of lost jobs due to greed and miscalculated risks in the developed world have given way to the rise of the BRICS countries and their emerging multinationals. 2008: China becomes an important market for Ford, surpassing the US as the world's largest market for all automakers in 2010 to become their largest foreign market.

Figure 1. Holistic Risk and Opportunity Analytical Framework (HROAF).
Figure 1. Holistic Risk and Opportunity Analytical Framework (HROAF).

Results

For example, it should be noted that China developed rapidly when Europe was experiencing turmoil in the Middle Ages after the fall of the Roman Empire. In the eighth century only a quarter of China's population lived south of the Yangtze; in the thirteenth, more than three quarters. Many college students earn an MBA, a passport to management and especially a career in finance or consulting.

Discussion

The roots of the global financial crisis are in our business schools. Journal of Business Ethics Education6: 147–68. Knowledge-intensive intangibles, spatial transaction costs, and the rise of populism. Journal of International Business Policy1: 44–52. 2010. The Biggest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History.

Contagion Risks in Emerging Stock Markets

New Evidence from Asia and Latin America

  • Review of Studies
  • Data and Descriptive Statistics
  • Empirical Findings
  • Conclusions

Contagion from the US stock market to emerging stock markets (consisting of Asian and Latin American markets) is also tested in the period of the US subprime crisis of 2007. In the Mexican 'Tequila' crisis, we find no contagion from the Mexican stock market to Asian emerging stock markets. The sample consists of eight emerging equity markets in Asia (Indonesia, Hong Kong, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand), and six markets in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Venezuela) and the US equity market.

Table 1. Descriptive statistics on stock returns: The Mexican crisis.
Table 1. Descriptive statistics on stock returns: The Mexican crisis.

Assessment of Upstream Petroleum Fiscal Regimes in Myanmar

Theoretical Framework: Concept of Economic Rent

Economic rent is defined as “the true value of a natural resource, which is the difference between the revenue generated by the extraction of the resource and the cost of extraction” (Dickson 1999; Nakhle 2007). Most IOCs use cash flow models based on the concept of economic rent to evaluate petroleum resource projects. In addition, oil and gas resources can naturally maximize a country's economic rent through oil fiscal regimes.

Literature Survey

Its attractiveness has a great impact on the feasibility of the project and the IOC project. It supports the concept that "differences in fiscal regimes between contract types can be ignored when assessing the attractiveness of fiscal terms" (Luo and Yan 2010). However, it does not take into account the impact of different time sequences on the attractiveness of fiscal terms.

Quantitative Analysis for the Assessment of Upstream Petroleum Fiscal Regimes 1. Method

In the cash flow simulation, the equations will differ in terms of the contractual policy used in different countries. Also attached are simulations of US, Canadian, Australian, and Mozambique cash flows obtained using these equations. Additionally, the key fiscal parameters for the USA, Canada, Australia and Mozambique for the calculation of the concessionary system are presented in Supplementary Material 9.

Results

The combination level of fiscal components in the PSC system is more attractive than that of the concessional system. First, royalties and taxes influence the attractiveness of tax regimes when evaluating petroleum resource development projects, with or without taking into account the time value of money, especially for countries with a concessionary policy. Third, cost recovery19 influences the attractiveness of tax regimes when evaluating projects without taking into account the time value of money.

Table 8. CS Value and Attractiveness Rank of Eight Countries.
Table 8. CS Value and Attractiveness Rank of Eight Countries.

Incorporating Credit Quality in Bank Efficiency Measurements: A Directional Distance

Function Approach

Data

For the (second) stage of loan financing - where the bank's risk-taking behavior can be manifested in the accumulation of bad loans - the average efficiency score was 85%, which is much lower than the efficiency score of the first stage. This study modeled banking operations as consisting of two stylized phases—the deposit mobilization phase and the loan financing phase—and separately assessed technical efficiency in each phase. Productivity, efficiency and non-performing loans in the Chinese banking industry. Journal of Social Science52: 468–80.

Table 1. Stage-wise inputs and outputs of banking operations. DEA—data envelopment analysis.
Table 1. Stage-wise inputs and outputs of banking operations. DEA—data envelopment analysis.

A Test of Market Efficiency When Short Selling Is Prohibited: A Case of the Dhaka Stock Exchange

Data and Methodology 1. Data

Since no single broad index exists for the entire sample period, we rely on two of the more popular indices. The Dhaka Stock Exchange directory provided daily stock quotes and data for the Dhaka stock. Since Visa was only a component of the index for part of the time, we exclude it from the analysis.

Hình ảnh

Table 6. The scores of the banks classified as efficient at least once in 2011–2016.
Table 8. Results of value-based DEA (Phase 2) for the first 12 inefficient banks.
Table 2. Long-run coefficients of the determinants of LNREER (restricted model).
Table 6. Estimated coefficients of the overvaluation dummy (OVER) and other determinants of KF.
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