scholarly journals The Influence of ASEAN Bond Market Integration in the Philippines’ Inflationary Pressures, Credit Expansions, and its Challenges

2022 ◽  
Vol 4 (1) ◽  
pp. 13-36
Author(s):  
Jan Co ◽  
Hannah Lo Chiong ◽  
Louie Uy ◽  
RONALDO R. CABAUATAN
Keyword(s):  
Market Integration ◽  
Negative Relationship ◽  
Least Square Method ◽  
The Philippines ◽  
Bond Market ◽  
Least Square ◽  
Gdp Growth ◽  
Bond Markets ◽  
Market Index ◽  
Depth Analysis

Bond markets have grown mature in many countries; however, the quality of financial integration varies across ASEAN economies. In the case of bond markets in the ASEAN +3, they experienced fast development; however, they are still less integrated. This study attempts to examine the ramifications of the ASEAN bond market integration and past crises to the Philippines’ inflation, credit, and growth and identify what impedes the development of the bond market for the period of 1992 to 2017. The study also aims to have a more in-depth analysis on preventing rises from happening and controlling both credit expansions and inflationary pressures. The Ordinary Least Square method (OLS) was used to examine the relationship of inflation, credit, bond market index, real interest rate, and integration to the Philippines’ growth. This led to this paper providing empirical insights that credit has a significant positive relationship with GDP growth; while, inflation has a significant negative relationship with GDP growth. However, the bond market index and integration showed insignificant negative results. This study provides possible reasons for the said conclusion and suggests ways not only to develop and grow the debt market in the Philippines but also to sustain long-run economic stability and growth to become on par with other ASEAN economies.

scholarly journals DRIVERS OF ILLIQUIDITY IN THE ASEAN SOVEREIGN BOND MARKET

2020 ◽  
Vol 23 (4) ◽  
pp. 501-524
Author(s):  
Harald Kinateder ◽  
Robert Bauer ◽  
Niklas Wagner
Keyword(s):  
Growth Rate ◽  
Bond Market ◽  
Gdp Growth ◽  
Bond Markets ◽  
Policy Uncertainty ◽  
Yield Curves ◽  
Economic Policy Uncertainty ◽  
Sovereign Bond ◽  
Gdp Growth Rate ◽  
Sovereign Bond Markets

We study illiquidity in ASEAN-5 sovereign bond markets from 2008 to 2019 by using an illiquidity measure, which is based on a proxy of the amount of arbitrage capital available in sovereign bond markets. Our analysis identifies three drivers of illiquidity in Singapore, namely economic policy uncertainty, the default spread and the GDP growth rate. In contrast, liquidity of all other markets is mostly not characterized by economic drivers. It appears that overall liquidity is lower in the markets outside Singapore and therefore deviations in these yield curves are higher on average and arbitrage eliminates larger deviations not immediately but in a delayed manner.

scholarly journals Determinan Jumlah Uang Beredar, Tingkat Bunga, dan Inflasi Terhadap Pertumbuhan Ekonomi Indonesia

Al-Buhuts ◽  
2019 ◽  
Vol 15 (2) ◽  
pp. 45-64
Author(s):  
Adya Utami
Keyword(s):  
Economic Growth ◽  
Interest Rate ◽  
Money Supply ◽  
Negative Relationship ◽  
Secondary Data ◽  
Least Square Method ◽  
Least Square ◽  
Coefficient Of Determination ◽  
Independent Variable ◽  
The Interest Rate

This study aims to determine the determinants of the money supply, the interest rate, and inflation on Indonesia's economic growth in the 2009-2018 period. This research uses descriptive method and is strengthened by the OLS (ordinary least square) method with secondary data. The data used is sourced from the Central Statistics Agency and Bank Indonesia. The results of this study indicate that the money supply and the interest rate have a negative effect but inflation has a positive effect on Indonesia's economic growth. The JUB variable is not significant with a probability value of 0.1326. The JUB regression coefficient value has a negative relationship to the economic growth variable with a coefficient of 0.9288. The interest rate variable entered in the above equation turns out to be negative and significant with a probability value of 0.0571. The value of the coefficient of the exchange rate is (0.4843). The independent variable inflation gives a negative and not significant result with a probability value of 0.1134. Inflation coefficient value is 0.1724. In the equation model that uses economic growth as the dependent variable above, the magnitude of the coefficient of determination (R Squared) is 0.573429. This shows that the ability of the independent variable in explaining the diversity of the independent variables is 57.34% while the remaining 42.66% is influenced by other variables not included in the model.

scholarly journals ANALISIS HUMAN CAPITAL TERHADAP PERTUMBUHAN EKONOMI INDONESIA PERIODE 2001 - 2017

OPTIMA ◽  
2019 ◽  
Vol 3 (1) ◽  
Author(s):  
Jojo Jojo ◽  
Abel Gandhy ◽  
Endang Sari Simanullang ◽  
Ana Frasipa
Keyword(s):  
Unemployment Rate ◽  
Time Series Data ◽  
Secondary Data ◽  
Least Square Method ◽  
Least Square ◽  
Series Data ◽  
Gdp Growth ◽  
Literacy Rate ◽  
Education And Health ◽  
Indonesian Population

The objective of the present study is to analyze the influence of Government Expenditure on Education and Health, Unemployment Rate, Literacy Rate, to GDP Growth of Indonesian Population. This type of research is quantitative, using ordinary least square method (OLS). The data used are secondary data. Data type is yearly time series data between 2001-2017 period. The results of the study indicate that (1) Government Expenditures for Education and Health have positive and significant impact on the GDP growth of Indonesian Population (2) Unemployment rate has a negative and significant effect on the GDP growth of Indonesian Population (3) Literacy rate positively and significantly to GDP Growth Population Indonesia

scholarly journals Enigmatic Role of Female Directors on Boards towards Corporate Performance. An Empirical Study

2021 ◽  
Vol 7 (2) ◽  
pp. 311-318
Author(s):  
Areeba Khan ◽  
Sohail Saeed
Keyword(s):  
Organizational Performance ◽  
Structural Model ◽  
Negative Impact ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Least Square Method ◽  
Partial Least Square ◽  
Least Square ◽  
Regulatory Requirement ◽  
Female Directors

Purpose: The presence of female members on boards is quite enigmatic. Almost every academic author argues that female directors’ contribution in the board room is positive and significant, and their presence, improves organizational performance. This study purpose is to figure out the link between female members and organizational performance. Design/Methodology/Approach: For the purpose, Partial least square method of regression is used to develop the relationship.  The measurement and structural model and theories are used to codevelop the formative constructs. Secondary data is used and collected from Pakistan stock exchange. Those KSE-100 companies are used in which female directors were there in any year from 2005 till 2012. Findings: The results reveal that there was a negative relationship, empirically, which strengthened the notion that female directors in Pakistan are just the cosmetic face of board of directors and more female directors on board hinder the firm performance. Female members on the board had negative impact on the financial measures of return on equity and assets turnover. Implications/Originality/Value: This study is helpful for the businesses in Pakistan to rely and utilize the knowledge, innovative skills and experience of female directors rather than to fill the seat as a regulatory requirement.

scholarly journals Impact of Bond Market Development on the Growth of the Nigerian Economy

2021 ◽  
Vol 21 (1) ◽  
pp. 60-75
Author(s):  
Michael O. Oke ◽  
Oluwabunmi Dada ◽  
Nelson O. Aremo
Keyword(s):  
Financial Institution ◽  
Negative Relationship ◽  
Bond Market ◽  
Corporate Bond ◽  
Market Development ◽  
Bond Markets ◽  
Government Bond ◽  
Bond Yield ◽  
Traditional Function ◽  
The Impact

Abstract Research background: The traditional function ascribed to a modern financial institution is to mobilize resources among the two units (surplus and deficit) of the economy. This can be achieved when financial institutions wake up to this responsibility and act as the pillar upon which other institutions can rely on. Purpose: This study examined the impact of bond market development on the growth of the Nigerian economy from 1986–2018. Research methodology: Data were analysed using the co-integration bounds test approach while the robustness of the estimates was also checked. Results: Government bond exhibited an insignificant positive relationship; corporate bond and value of bond traded were positive and statistically significant (prob. <0.05) while bond yield indicated a negative relationship with the growth of the Nigerian economy. Novelty: The study found that corporate bond and the value of bond traded were the major variables that increased the depth of bond market development in Nigeria. Therefore, policymakers in Nigeria should encourage the issuance of more corporate bonds to further enhance the efficiency of bond markets development.

scholarly journals Globalization and Its Brunt on Nigeria Global Economic Competitiveness: The Need for Holistic and Dynamic Strategies

2021 ◽  
pp. 1-06
Author(s):  
M. A. Obomeghie ◽  
Ugbomhe O. Ugbomhe
Keyword(s):  
Industrial Development ◽  
Developing Economies ◽  
Negative Relationship ◽  
Least Square Method ◽  
Developed Countries ◽  
Least Square ◽  
Developmental Problems ◽  
Economic Competitiveness ◽  
Innovation Strategies ◽  
Equal Capacity

Purpose of the study: The intensity of globalization has resulted in the near collapse of most manufacturing industries in Nigeria. Most products from Nigeria industries lack the ability to compete with similar products from developed countries. Such appalling competitiveness of the Nigeria economy has bequeathed untold hardship on the citizens of Nigeria. The rationale for undertaking this study is to determine globalisation's brunt on Nigeria's economic competitiveness empirically. Methodology: The Least Square method was employed to analyse the data collected from various statistical agencies such as the Nigeria statistical bulletin, World Economic Forum report and the United Nations Industrial Development report. The data collected is for the period spanning 2006 to 2017. Microfit 5.1 Statistical software is used in the analysis. Main Findings: The findings of the study shows that there is a negative relationship between globalization and Nigeria global economic competitiveness. The results further indicate that Nigeria’s participation in the global arena has not yielded the desired benefit associated with globalization with respect to the country’s competitiveness. Research limitations/implications: The study adds to earlier works on economic competitiveness as a sound pillar of globalization by carving out an empirical analysis of Nigeria experience with globalization. The implications of the study's findings show that Nigeria's innovation strategies significantly lag behind the innovation strategies in developed countries. Novelty/Originality of this study: This work put-forward a useful awareness into the existential challenge facing Nigeria and other developing economies in terms of equal capacity to confront their developmental problems as a result of globalization. The study further provides a pathway for Nigeria’s economic managers to overcome such challenges with dynamic strategies to achieve the desired benefits of globalization.

scholarly journals Corporate Social Performance and Corporate Financial Performance: A Link for the Indian Firms

2013 ◽  
Vol 7 (1) ◽  
pp. 4 ◽  
Author(s):  
Rupal Tyagi ◽  
Anil K. Sharma
Keyword(s):  
Financial Performance ◽  
Corporate Social Performance ◽  
Social Performance ◽  
Negative Relationship ◽  
Least Square Method ◽  
Least Square ◽  
Corporate Financial Performance ◽  
Corporate Social ◽  
First Time ◽  
The Relationship

The present study addresses the issue of the relationship between Corporate Social performance and corporate Financial Performance in Indian context under good management theory. The study used S&amp;P ESG India Index as a proxy of CSP/ CSR (Corporate social performance or Corporate Social Responsibility) of Indian firms for the first time over the 2005–2011 periods. We designed econometric models and controlled industry specific attributes and performed Weighted Least Square method for the analysis. Overall results show neutral though modest negative relationship between the CSP and CFP which eventually informs that if there would be any relationship, it would be negative.

Measuring Sovereign Bond Market Integration

2019 ◽  
Vol 33 (8) ◽  
pp. 3446-3491 ◽  
Author(s):  
Ines Chaieb ◽  
Vihang Errunza ◽  
Rajna Gibson Brandon
Keyword(s):  
Market Integration ◽  
Political Stability ◽  
Bond Market ◽  
Bond Markets ◽  
Risk Premiums ◽  
Sovereign Bond ◽  
Oxford University ◽  
Local Risk ◽  
Sovereign Bond Markets ◽  
Published Paper

Abstract We find that the degree and dynamics of sovereign bond market integration across 21 developed and 18 emerging countries is significantly heterogeneous. We show that better spanning can significantly enhance market integration through dissipating local risk premiums. Integration of the sovereign bond markets increases by about 10% on average, when a country moves from the 25th to the 75th percentile as a result of higher political stability and credit quality, lower inflation and inflation risk, and lower illiquidity. The 10% increase in integration leads to, on average, a decrease in the sovereign cost of funding of about 1% per annum. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

scholarly journals FAKTOR – FAKTOR YANG MEMPENGARUHI TINGKAT PENGGANGGURANDI PROVINSI SULAWESI UTARA

2017 ◽  
Vol 13 (1A) ◽  
pp. 55
Author(s):  
Arfan ., Poyoh ◽  
Gene H. M. Kapantow ◽  
Juliana R. Mandei
Keyword(s):  
Regression Analysis ◽  
Linear Regression ◽  
Linear Regression Analysis ◽  
Least Square Method ◽  
Least Square ◽  
Gdp Growth ◽  
Affecting Factors ◽  
Factors Affecting ◽  
Ordinary Least Square ◽  
North Sulawesi

The study aims to analyze the factors - factors affecting the level of unemployment in theprovince of North Sulawesi. These factors include wages, inflation and GDP growth. This study usesmultiple linear regression analysis with Ordinary Least Square method (OLS) was performed using14 years data from 2001 to 2014. The results showed wage variables significantly influence theunemployment rate in North Sulawesi province with probability 0.0104, while inflation and levels ofGDP growth does not significantly influence the unemployment rate with respective probabilities0.5619 for Inflation and 0.3791 for GDP growth.Keywords: affecting factors, wages, inflation, GDP growth, unemployment, North Sulawesi Province

Direct Assessment of Effective Renal Plasma Flow from Renoscintigraphy with a Gamma Camera and an On-Line Computer

1981 ◽  
Vol 20 (06) ◽  
pp. 274-278
Author(s):  
J. Liniecki ◽  
J. Bialobrzeski ◽  
Ewa Mlodkowska ◽  
M. J. Surma
Keyword(s):  
Count Rate ◽  
Renal Plasma Flow ◽  
Early Period ◽  
Least Square Method ◽  
Least Square ◽  
Uptake Coefficient ◽  
Positive Linear Correlation ◽  
On Line ◽  
Best Fit ◽  
Plasma Activity

A concept of a kidney uptake coefficient (UC) of 131I-o-hippurate was developed by analogy from the corresponding kidney clearance of blood plasma in the early period after injection of the hippurate. The UC for each kidney was defined as the count-rate over its ROI at a time shorter than the peak in the renoscintigraphic curve divided by the integral of the count-rate curve over the "blood"-ROI. A procedure for normalization of both curves against each other was also developed. The total kidney clearance of the hippurate was determined from the function of plasma activity concentration vs. time after a single injection; the determinations were made at 5, 10, 15, 20, 30, 45, 60, 75 and 90 min after intravenous administration of 131I-o-hippurate and the best-fit curve was obtained by means of the least-square method. When the UC was related to the absolute value of the clearance a positive linear correlation was found (r = 0.922, ρ > 0.99). Using this regression equation the clearance could be estimated in reverse from the uptake coefficient calculated solely on the basis of the renoscintigraphic curves without blood sampling. The errors of the estimate are compatible with the requirement of a fast appraisal of renal function for purposes of clinical diagknosis.

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