scholarly journals Do Political Institutions Affect Housing Prices in Malaysia?

2018 ◽  
Vol 14 (12) ◽  
pp. 134
Author(s):  
Noor Zahirah Mohd Sidek
Keyword(s):  
Political Institutions ◽  
Housing Prices ◽  
Housing Price ◽  
Time Frame ◽  
Economic Governance ◽  
Bounds Testing ◽  
Stable Housing ◽  
Long Run ◽  
The Relationship

This paper examines the relationship between housing price and political institutions. Political institutions is captured by elections, the role of elected government and their ramifications, and economic governance. Furthermore, the outcome of political choice on the economy is capture via economic freedom. Data ranges from 1988 to 2015. The choice of variable and time frame is highly restricted to availability of data. The effect of political institution on housing prices is examined using the ARDL bounds testing to test for both short and long run effects. Results show that elections have important effects on housing prices where prior to elections the effect is positive and negative after elections. Based on the results we recommend a strong and balance democratic regime to ensure a more stable housing prices. Strong political will is expected to curb excessive increase in housing prices in the long run.

scholarly journals LOCATION HOUSING AFFORDABILITY INDEX: ANALYSING THE RELATIONSHIPS

2021 ◽  
Vol 19 (15) ◽  
Author(s):  
Mohd Azren Hassan ◽  
Yusfida Ayu Abdullah ◽  
Dasimah Omar ◽  
Muhammad Hakim Danial
Keyword(s):  
Urban Areas ◽  
Housing Prices ◽  
Housing Price ◽  
Sampling Technique ◽  
Simple Random Sampling ◽  
Housing Affordability ◽  
Primary Data ◽  
Klang Valley ◽  
The Relationship

Previous studies claimed that Malaysia is inclined towards a severely unaffordable housing price. Despite such crucial studies, the topics do not provide sufficient empirical evidence to establish a relationship between housing prices, housing and transportation expenditure in Malaysia. Therefore, this study examines the role of these variables in determining the Location Housing Affordability Index. The research had therefore identified measurement items that contribute to Location Housing Affordability Index. The primary data was obtained from urban areas in the Klang Valley using questionnaires, where a total of 363 respondents were selected using the Simple Random Sampling technique. The Partial Least Squares (PLS) method was adopted in analysing the collected data to determine the relationship. The outcome demonstrated the relationship between housing price, housing and transportation expenditure, indicating the significance of the Location Housing Affordability Index and can be a reference for housing policymakers.

scholarly journals RETHINKING THE RELATIONSHIP BETWEEN HOUSING PRICES AND INFLATION: NEW EVIDENCE FROM 29 LARGE CITIES IN CHINA

2019 ◽  
Vol 23 (3) ◽  
pp. 142-155 ◽  
Author(s):  
Jianli Tang ◽  
Kunhui Ye ◽  
Yan Qian
Keyword(s):  
Housing Prices ◽  
Housing Price ◽  
Chinese Economy ◽  
Sample Period ◽  
Large Cities ◽  
Long Run ◽  
Different Types ◽  
Bounds Test ◽  
New Evidence ◽  
The Relationship

This paper presents a longitudinal analysis of the relationship between housing prices and inflation by employing new housing price indices from 29 large Chinese cities over the 2003–2013 period. Based on the Autoregressive Distributive Lag (ARDL) model and bounds test, we find no long-run co-integration relationship between housing prices and inflation. This result is robust for different types of inflation (actual, expected, unexpected inflation). Furthermore, it is found that the housing prices in China grow spectacularly in the sample period owing to the dramatic development of the Chinese economy, while inflation grows in a more modest way. Although the study is conducted in the context of China, the results can provide useful evidence to the debate on the relationship between housing prices and inflation.

The Problem of Identifying and Modeling the Relationship between Monetary Factor and Inflation in the Russian Economy

2008 ◽  
pp. 61-76
Author(s):  
A. Porshakov ◽  
A. Ponomarenko
Keyword(s):  
Money Supply ◽  
Money Demand ◽  
Russian Economy ◽  
Long Run ◽  
Complex Approach ◽  
Wide Range ◽  
Long Time ◽  
The Relationship ◽  
Supply Side Factors

The role of monetary factor in generating inflationary processes in Russia has stimulated various debates in social and scientific circles for a relatively long time. The authors show that identification of the specificity of relationship between money and inflation requires a complex approach based on statistical modeling and involving a wide range of indicators relevant for the price changes in the economy. As a result a model of inflation for Russia implying the decomposition of inflation dynamics into demand-side and supply-side factors is suggested. The main conclusion drawn is that during the recent years the volume of inflationary pressures in the Russian economy has been determined by the deviation of money supply from money demand, rather than by money supply alone. At the same time, monetary factor has a long-run spread over time impact on inflation.

scholarly journals Institutional quality and the capital structure of microfinance institutions: the moderating role of board gender diversity

2021 ◽  
pp. 1-21
Author(s):  
Michael Adusei ◽  
Beatrice Sarpong-Danquah
Keyword(s):  
Capital Structure ◽  
Institutional Environment ◽  
Gender Diversity ◽  
Institutional Quality ◽  
Microfinance Institutions ◽  
Female Representation ◽  
Long Run ◽  
Board Gender Diversity ◽  
The Relationship

Abstract We test the effect of institutional quality on capital structure in the microfinance setting. In doing this, we rely on data from 532 microfinance institutions (MFIs) located in 73 countries dotted across the six microfinance regions in the world. We observe that institutional quality exhibits a robust negative and statistically significant relationship with capital structure in both the short and long run, implying that MFIs in countries with a better institutional environment are less likely to utilize more debt. Our moderation analysis furnishes us with evidence that the presence of women on the board of an MFI significantly moderates the relationship between institutional quality and its capital structure. We show that in the presence of more female representation on the boards of MFIs, the tendency of MFIs using less debt is higher.

scholarly journals Non-bank financial institutions and economic growth: Evidence from Africa’s three largest economies

2017 ◽  
Vol 20 (1) ◽  
Author(s):  
Ronald Rateiwa ◽  
Meshach J. Aziakpono
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
Financial Institutions ◽  
Time Series Data ◽  
Bank Lending ◽  
Series Data ◽  
The Sustainable Development ◽  
Long Run ◽  
The Relationship

Background: In order for the post-2015 world development agenda – termed the sustainable development goals (SDGs) – to succeed, there is a pronounced need to ensure that available resources are used more effectively and additional financing is accessed from the private sector. Given that traditional bank lending has slowed down, the development of non-bank financing has become imperative. To this end, this article intends to empirically test the role of non-bank financial institutions (NBFIs) in stimulating economic growth.Aim: The aim of this article is to empirically test the existence of a long-run equilibrium relationship between economic growth and the development of NBFIs, and the causality thereof.Setting: The empirical assessment uses time-series data from Africa’s three largest economies, namely, Egypt, Nigeria and South Africa, over the period 1971–2013.Methods: This article uses the Johansen cointegration and vector error correction model within a country-specific setting.Results: The results showed that the long-run relationship between NBFI development and economic growth is relatively stronger in Egypt and South Africa, than in Nigeria. Evidence in respect of Nigeria shows that such a relationship is weak. The nature of the relationship between NBFI development and economic growth in Egypt is positive and significant, and predominantly bidirectional. This suggests that a virtuous relationship between NBFIs and economic growth exists in Egypt. In South Africa, the relationship is positive and significant and predominantly runs from NBFI development to economic growth, implying a supply-leading phenomenon. In Nigeria, the results are weak and mixed.Conclusion: The study concludes that in countries with more developed financial systems, the role of NBFIs and their importance to the economic growth process are more pronounced. Thus, there is need for developing policies targeted at developing the NBFI sector, given their potential to contribute to economic growth.

scholarly journals The Relationship between Current Account Deficits and Growth in Montenegro: ARDL Bounds Testing Approach

2018 ◽  
Vol 7 (3) ◽  
pp. 5-24 ◽  
Author(s):  
Mustafa Özer ◽  
Jovana Žugić ◽  
Sonja Tomaš-Miskin
Keyword(s):  
Growth Rate ◽  
Current Account ◽  
Current Account Deficit ◽  
Gdp Growth ◽  
Bounds Testing ◽  
Current Account Deficits ◽  
Long Run ◽  
Gdp Growth Rate ◽  
Short Run ◽  
The Relationship

Abstract In this study, we investigate the relationship between current account deficits and growth in Montenegro by applying the bounds testing (ARDL) approach to co-integration for the period from the third quarter of 2011 to the last quarter of 2016. The bounds tests suggest that the variables of interest are bound together in the long run when growth is the dependent variable. The results also confirm a bidirectional long run and short run causal relationship between current account deficits and growth. The short run results mostly indicate a negative relationship between changes in the current account deficit GDP ratio and the GDP growth rate. This means that any increase of the value of independent variable (current account deficit GDP ratio) will result in decrease of the rate of GDP growth and vice versa. The long-run effect of the current account deficit to GDP ratio on GDP growth is positive. The constant (β0) is positive but also the (β1), meaning that with the increase of CAD GDP ratio of 1 measuring unit, the GDP growth rate would grow by 0,5459. This positive and tight correlation could be explained by overlapping structure of the constituents of CAD and the drivers of GDP growth (such as tourism, energy sector, agriculture etc.). The results offer new perspectives and insights for new policy aiming for sustainable economic growth of Montenegro.

scholarly journals Growing Value: Describing The Nature Of The Relationship Between Street-Level Greenery and Housing Prices in Toronto

2021 ◽  
Author(s):  
Spencer Bridgwater
Keyword(s):  
Urban Environment ◽  
Housing Prices ◽  
Urban Forestry ◽  
Demographic Variables ◽  
Urban Environments ◽  
Developmental Context ◽  
Street Level ◽  
The Relationship ◽  
Aerial Perspective

The role of urban forestry has become increasingly important in the context of sustainability, both from an environmental context, and from a developmental context. Greenery in an urban environment has demonstrable implications for health, air quality, aesthetics, and land value, as described broadly across the literature. Until recently, studies on green urban canopies and housing prices have been limited in their methodology by using aerial-perspective data. The MIT Senseable City Lab in 2015 developed the Treepedia project, which uses Google Street View images to quantify greenery levels in urban environments. Using the green view index (GVI) data from the Treepedia project, street-level greenery densities were compared against housing prices across Toronto. Models for different property types, accounting for characteristic, locational, and demographic variables, were estimated. It was determined that a statistically significant relationship between street-level greenery and housing prices exists in Toronto for detached homes, semi-detached homes, row/townhouse units, condo apartments, and condo townhouses.

scholarly journals Macroeconomic Factors and Equity Prices: An Empirical Investigation by Using ARDL Approach

2008 ◽  
Vol 47 (4II) ◽  
pp. 501-513 ◽  
Author(s):  
Arshad Hasan ◽  
Zafar Mueen Nasir
Keyword(s):  
Empirical Studies ◽  
Testing Procedure ◽  
Bounds Testing ◽  
Macroeconomic Factors ◽  
Equity Prices ◽  
Macroeconomic Variables ◽  
Long Run ◽  
Ardl Approach ◽  
The Impact ◽  
The Relationship

The relationship between macroeconomic variables and the equity prices has attracted the curiosity of academicians and practitioners since the publication of seminal paper of Chen, et al. (1986). Many empirical studies those tested the relationship reveal that asset pricing theories do not properly identify macroeconomic factors that influence equity prices [Roll and Ross (1980); Fama (1981); Chen, et al. (1986); Hamao (1986); Faff (1988); Chen (1991); Maysami and Koh (2000) and Paul and Mallik (2001)]. In most of these studies, variable selection and empirical analyses is based on economic rationale, financial theory and investors’ intuition. These studies generally apply Eagle and Granger (1987) procedure or Johanson and Jusilieus (1990, 1991) approach in Vector Auto Regressor (VAR) Framework. In Pakistan, Fazal (2006) and Nishat (2001) explored the relationship between macroeconomic factors and equity prices by using Johanson and Jusilieus (1990, 1991) procedure. The present study tests the relationship between macroeconomic variables such as inflation, industrial production, oil prices, short term interest rate, exchange rates, foreign portfolio investment, money supply and equity prices by using Auto Regressive Distributive Lag (ARDL) bounds testing procedure proposed by Pesaran, Shin, and Smith (1996, 2001). The ARDL approach in an errorcorrection setting has been widely applied to examine the impact of macroeconomic factors on economic growth but it is strongly underutilised in the capital market filament of literature. This methodology has a number of advantages over the other models. First, determining the order of integration of macroeconomic factors and equity market returns is not an important issue here because the Pesaran ARDL approach yields consistent estimates of the long-run coefficients that are asymptotically normal irrespective of whether the underlying regressors are I(0) or I(1) and of the extent of cointegration. Secondly, the ARDL approach allows exploring correct dynamic structure while many econometric procedures do not allow to clearly distinguish between long run and short run relationships.

Corruption, Business Climate, and Economic Growth

2015 ◽  
pp. 1156-1179
Author(s):  
Harish C. Chandan
Keyword(s):  
Economic Growth ◽  
Political Institutions ◽  
Business Environment ◽  
Domestic Investment ◽  
Business Climate ◽  
Transparency International ◽  
Leadership Management ◽  
Economic Freedom Index ◽  
The Relationship

Corruption is globally pervasive. Defined as abuse of entrusted power for private gain (Transparency International, 2013), corruption represents a set of economic, social, cultural, and political practices that are secretive and rooted in greed, ambition, or quest for power. This chapter reviews causes of corruption including the macro- and micro-level determinants of corruption such as leadership, management, and organizational culture. Various subjective and objective measures of corruption are discussed. Transparency International's Corruption Perception Index (CPI) and Heritage Foundation's Economic Freedom Index (EFI) are reviewed. The World Bank's Business Environment and Enterprise Performance Survey (BEEPS), Doing Business Indicator (DBI), and World Bank Institute's Governance Indicator (WBI-GI) are also reviewed, as is the role of global anti-corruption agencies and various instruments. Additionally, the relationship between corruption and foreign domestic investment, economic growth, and economic and political institutions are considered, as are anti-corruption intervention strategies for corruption and business ethics training.

Relational Rules and Communist Single-Party Regimes

2021 ◽  
pp. 90-142
Author(s):  
Graeme Gill
Keyword(s):  
Soviet Union ◽  
Political Institutions ◽  
Authoritarian Regimes ◽  
Major Focus ◽  
Symbolic Function ◽  
The Soviet Union ◽  
Relational Rules ◽  
The Individual ◽  
The Relationship

Relational rules structure the relationship between the oligarchs and the elite, and the oligarchs and the institutions of the regime. The chapter analyses how the 11 relational rules functioned in the Soviet Union and China over the life of the respective regimes. It explains how the oligarchs sought to insulate themselves from below and, in looking at the role of political institutions, tackles the idea that institutions serve little more than a symbolic function in authoritarian regimes. A major focus is also the power of the individual leader, its nature and bases and how this related to those institutions.

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