scholarly journals Stabilisation policies in Ukraine in the time of the COVID-19 pandemic

2021 ◽  
Vol 2021 (3) ◽  
pp. 99-113
Author(s):  
POLYAKOVA Juliia POLYAKOVA Juliia ◽  
◽  
Solomiya SOKURENKO ◽  
Keyword(s):  
Growth Rate ◽  
Exchange Rate ◽  
Money Supply ◽  
Gdp Growth ◽  
Monetary Policies ◽  
Industrial Countries ◽  
Explanatory Factors ◽  
Gdp Growth Rate ◽  
Stabilization Policies ◽  
The Exchange Rate

This paper aims at both theoretical and empirical assessment of stabilization policies in Ukraine in the wake of a contractionary macroeconomic shock of the COVID-19 pandemic. Various aspects of fiscal and monetary policies are analyzed within the theoretical framework of a dynamic AD–AS model with a focus on the exchange rate effects. It is demonstrated that output effects of fiscal and monetary policies depend on inflationary inertia measured as the correlation between present and lagged inflation. Depreciation of the exchange rate is inflationary and can be contractionary under both low and high inflationary inertia. For Ukraine, it is found that the supply-side recovery is of priority, in contrast to the majority of industrial countries where insufficient demand is the biggest problem. Using the 2SLS estimator, it is obtained that a non-inflationary increase in the GDP growth rate is expected under a decrease in the excessive money supply combined with the exchange rate appreciation. As the exchange rate is still undervalued due to effects of the large devaluation of 2014–2015, a combination of conservative monetary policy and moderate exchange rate appreciation should not raise any concerns. Our results reject frequent speculations that a local appreciation of the hryvna has been responsible for the GDP slowdown since the middle of 2019. Fiscal policy seems to be neutral in respect to both inflation and GDP. Among other results, it is found that an increase of the Euro area output by 1% contributes to the GDP growth rate in Ukraine by 0,6-0,7 percentage points. As suggested by a dummy variable, a deep economic slump of 2014-2015 was not caused by structural shifts in the Ukraine’s economy, with a large depreciation of the hryvna and excessive money supply being the most relevant explanatory factors.

scholarly journals Impact of Macroeconomic Variables on Islamic Banks Profitability

2018 ◽  
Vol 1 (2) ◽  
pp. 20-35
Author(s):  
Qaisar Ali ◽  
Selamah Maamor ◽  
Hakimah Yaacob ◽  
Muhammad Usman Tariq Gill
Keyword(s):  
Growth Rate ◽  
Exchange Rate ◽  
Money Supply ◽  
Oil Prices ◽  
Gdp Growth ◽  
Islamic Banks ◽  
Macroeconomic Variables ◽  
Brunei Darussalam ◽  
Gdp Growth Rate ◽  
The Impact

The main objective of this study is to understand and determine the impact of macroeconomic variables on Islamic banks’ profitability in Brunei. The impact of GDP growth rate, inflation, interest rate, exchange rate, oil prices, competition and money supply on Bank Islam Brunei Darussalam (BIBD) profitability was determined from the year 2012 to the year 2016. The secondary data was obtained from DEPD, AMBD and IMF annual reports. The collected data was analysed using Stata 15. The fixed effects panel regression technique was adopted to measure the impact of each variable on Islamic banks’ profitability. The findings revealed that GDP growth rate, inflation, exchange rate, oil prices and money supply have a significant positive impact on profitability. The findings further revealed that oil prices, GDP and inflation were the most significant and exchange rate and money supply were the least significant determinants of profitability. The findings suggest the regulators and policy makers to discover alternative resources to rejuvenate economic and financial system. Islamic bankers may revamp its marketing strategies to reduce the intensity of macroeconomic variables. This study has vigorously contributed in the existing literature of single country analysis of Islamic banks particularly in the context of Brunei.

scholarly journals Le taux de croissance de l’offre de monnaie et arbitrage entre le taux d’inflation et le taux de chômage au Canada

2009 ◽  
Vol 55 (3) ◽  
pp. 397-410
Author(s):  
Maurice N. Marchon
Keyword(s):  
Growth Rate ◽  
International Trade ◽  
Exchange Rate ◽  
Money Supply ◽  
Unemployment Rate ◽  
Output Growth ◽  
Real Output ◽  
Short Term ◽  
Trade Off ◽  
The Exchange Rate

This paper presents simulations results using a "Modified St. Louis Model" for Canada. These simulations identify opportunities of trade-off between inflation and unemployment rate. They reveal very slim opportunities of trade-off and demonstrate that any short-term gain in real output caused by monetary stimulus will have to be paid in term of compensating slower output growth to reduce inflationary expectations. This situation of no real trade-off shows up even if the model does not fully endogenize the exchange rate and international trade feedback of changes in money supply growth rate.

scholarly journals Impact of Foreign Exchange Rate and Inflation Rate on the Economic Growth of India

2019 ◽  
Vol 8 (4) ◽  
pp. 4333-4335
Keyword(s):  
Growth Rate ◽  
Exchange Rate ◽  
Foreign Exchange ◽  
Inflation Rate ◽  
Linear Regression Analysis ◽  
Foreign Exchange Rate ◽  
Gdp Growth ◽  
Economic Progress ◽  
Gdp Growth Rate ◽  
The Impact

This paper tries to investigate the impact of foreign exchange rate and inflation rate on the economic progress of India. In this study the economic progress has been measured by annual GDP ( Gross Domestic Product ) growth in India. Correlation analysis and multiple regression model have been designed to explore the relationship among the mentioned three variables. The annual GDP growth of India has been considered as the dependent variable and the other two macroeconomic variables ( Foreign exchange rate and inflation rate ) have been considered as the independent variables. Secondary sources of data have been gathered to arrive at a logical conclusion. The results show a positive correlation between GDP growth rate and the foreign exchange rate and a negative correlation between the GDP growth rate and the inflation rate. Results from the linear regression analysis show that inflation rate has a strong influence or impact on the GDP growth rate than the foreign exchange rate. It is expected that the present study will help the policy makers and the researchers to understand the impact of foreign exchange rate and inflation rate on the GDP growth in India

scholarly journals Impacts of Macroeconomic Variables on the Stock Market Returns of South Asian Region

2020 ◽  
pp. 24-34 ◽  
Keyword(s):  
Growth Rate ◽  
Exchange Rate ◽  
Stock Market ◽  
Inflation Rate ◽  
Foreign Currency ◽  
Currency Reserve ◽  
Gdp Growth ◽  
Market Returns ◽  
Stock Market Returns ◽  
Gdp Growth Rate

This paper is intended to find out whether macroeconomic variables may impact on the stock market as well as whether such impact has any country specific pattern. The stock market return was taken as the dependent variable and real interest rate, inflation rate, GDP growth rate, foreign currency reserve growth rate, fiscal deficit, FDI to GDP ratio, exchange rate were taken as independent variables. Data-set was covered from 1993 to 2019 for five South Asian countries which were Bangladesh, India, Pakistan, Sri Lanka, and Nepal. The pattern of the stock market, as well as macro conditions of these countries, was observed and it was found that some relationships exist between the stock market returns and these chosen independent variables. Unit root test, Heteroscedasticty test, autocorrelation test, Hausman test is conducted to authenticate and clarified data to investigate relationship nature. Granger Casualty test indicated that there exist cause and effect relationship between GDP growth rate, exchange rate, and stock market returns. Finally, the regression test reveals that the inflation rate and foreign currency reserve growth rate have a significant impact on the stock market returns. It was expected to have the unique nature of different countries having versatile impact on dependent, so additionally fixed effects model and random effects model were run and it was found that the random effects model is statistically appropriate through conducting the Hausman test. The test reveals that GDP growth rate, foreign currency reserve growth rate, and fiscal deficit positively impact the stock market returns and these also support the literature review. Interest rates, inflation rate, FDI to GDP ratio, and exchange rate have negatively impacted the stock market return where only interest rate, inflation rate & exchange rate.

scholarly journals Macroeconomic factors, firm characteristics and financial performance

2018 ◽  
Vol 3 (2) ◽  
pp. 142-168 ◽  
Author(s):  
Chinedu Francis Egbunike ◽  
Chinedu Uchenna Okerekeoti
Keyword(s):  
Growth Rate ◽  
Exchange Rate ◽  
Financial Performance ◽  
Inflation Rate ◽  
Manufacturing Firms ◽  
Gdp Growth ◽  
Firm Characteristics ◽  
Macroeconomic Factors ◽  
Content Type ◽  
Gdp Growth Rate

Purpose The purpose of this paper is to explore the interrelationship between macroeconomic factors, firm characteristics and financial performance of quoted manufacturing firms in Nigeria. Specifically, the study investigates the effect of interest rate, inflation rate, exchange rate and the gross domestic product (GDP) growth rate, while the firm characteristics were size, leverage and liquidity. The dependent variable financial performance is measured as return on assets (ROA). Design/methodology/approach The study used the ex post facto research design. The population comprised all quoted manufacturing firms on the Nigerian Stock Exchange. The sample was restricted to companies in the consumer goods sector, selected using non-probability sampling method. The study used multiple linear regression as the method of validating the hypotheses. Findings The study finds no significant effect for interest rate and exchange rate, but a significant effect for inflation rate and GDP growth rate on ROA. Second, the firm characteristics showed that firm size, leverage and liquidity were significant. Practical implications The study has implications for regulators and policy makers in formulating policy decisions. In addition, managers may better understand the interplay between macroeconomic factors, firm characteristics and profitability of firms. Originality/value Few studies have addressed the interplay of macroeconomic factors and firm characteristics in determining the profitability of manufacturing firms in the country and developing countries in general.

scholarly journals Analysis of the Impact of Exchange Rate, Inflation, Export and Import on Gross Domestic Product in Bangladesh

2019 ◽  
pp. 170-175
Author(s):  
Papi Halder
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Exchange Rate ◽  
Gross Domestic Product ◽  
Positive Impact ◽  
Domestic Product ◽  
Gdp Growth ◽  
Policy Makers ◽  
Gdp Growth Rate ◽  
The Impact

This study is about the impact of selected macroeconomic variables on economic growth of Bangladesh. Economic growth of Bangladesh is measured in terms of annual nominal GDP growth rate. Least squared regression model has been employed considering exchange rate, export, import and inflation rate as independent variables and gross domestic product as the dependent variable in this study. The results reveal that export and import have significant positive impact on GDP growth rate. The other variables (exchange rate and inflation) are not significant, indicating that there exists no significant relationship among the variables. The findings will help the policy makers to make policies concerning the country’s economic growth to remain robust in the near future.

Budget Policy and Its Role in Economic Growth

2007 ◽  
pp. 65-80 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Money Supply ◽  
Policy Making ◽  
Price Index ◽  
Gdp Growth ◽  
Economic Disparities ◽  
Gdp Growth Rate ◽  
The Status ◽  
Budget Policy

The article considers the budget policy as an instrument of promoting stable economic growth and smoothing economic disparities. The author classifies the goals of budget policy, making accent on the efficiency of government expenditures and the status of targeted and investment programs in the budgeting methodology. The article also analyzes the influence of stabilization fund on money supply, consumption price index and GDP growth rate.

scholarly journals THE INFLUENCE OF MACROECONOMIC CONDITIONS ON CREDIT RISK: CASE OF ROMANIAN BANKING SYSTEM

2014 ◽  
Author(s):  
Iulia Andreea Bucur ◽  
Simona Elena Dragomirescu
Keyword(s):  
Growth Rate ◽  
Exchange Rate ◽  
Credit Risk ◽  
Unemployment Rate ◽  
Foreign Exchange Rate ◽  
Gdp Growth ◽  
Macroeconomic Conditions ◽  
Real Gdp ◽  
Gdp Growth Rate ◽  
Rate Fluctuation

This paper aims to explore the interactions between macroeconomic conditions, such as: real GDP growth rate, inflation rate, market interest rate, broad money supply, foreign exchange rate fluctuation and unemployment rate, and credit risk in Romanian banking sector during 2008-2013. The interrelations of indicators’ complexity imply a multidimensional statistical analysis in order to find a relation between the macroeconomic conditions and the credit risk. Our regression analysis findings confirm the hypothesis according to which the money supply growth rate and the market foreign exchange rate are negatively related with credit risk and the unemployment rate is positively related with it. Furthermore, our findings revealed that the credit risk is significantly and negatively affected by the exchange rate fluctuation and significantly and positively affected by the unemployment rate. The results do not indicate a significant relationship between credit risk and real GDP growth rate.

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