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1 – 10 of 10Mesbah Fathy Sharaf, Abdelhalem Mahmoud Shahen and Badr Abdulaziz Binzaid
This study aims to investigate the causal relationship between external debt and inflation in Jordan over the period 1970 to 2020.
Abstract
Purpose
This study aims to investigate the causal relationship between external debt and inflation in Jordan over the period 1970 to 2020.
Design/methodology/approach
The external debt–inflation nexus is examined within a multivariate framework by including other determinants of inflation, including money supply and the nominal effective exchange rate. This study uses an ARDL bounds testing approach to cointegration to test the existence of a long-run relationship between the inflation rate and its drivers. An error correction model is estimated to reveal the short-run dynamics of the series. The direction of causality among the variables is examined using a modified version of the Granger non-causality test due to Toda and Yamamoto (1995). The analyses control for the presence of structural breaks in the underlying time series.
Findings
The empirical results show that external debt and money supply have a statistically significant positive effect on inflation in the long run. The authors also find that a nominal depreciation of the Jordanian Dinar raises inflation rates in the long run. The Toda–Yamamoto Granger non-causality test findings reveal a statistically significant bi-directional positive causality between inflation and external debt, between the nominal effective exchange rate and inflation and between money supply and inflation.
Practical implications
Proper management of the exchange rate policy, money supply and external debt levels is crucial to control inflation rates in Jordan.
Originality/value
To date, the authors are unaware of any empirical study that examines the impact of external debt on inflation in Jordan, and the current study aims to fill this gap in the literature.
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Sartaj Rasool Rather and Salah Abosedra
The study investigates the impact of inflation on the variability of relative prices in the context of Lebanon.
Abstract
Purpose
The study investigates the impact of inflation on the variability of relative prices in the context of Lebanon.
Design/methodology/approach
Unlike the traditional method, which relies on the variance of cross-sectional price changes measured at specific points in time to gauge the variability in relative prices, we employ a more appropriate approach. Under this approach, we capture the dispersion in relative prices by estimating how widely (or closely) a set of commodity prices drift apart over a span of time, offering a more comprehensive assessment. Firstly, we employ Johansen’s cointegration test on rolling subsamples to determine the number of statistically significant cointegrating vectors among the prices of 12 major commodity groups. Under this approach, an increase in the number of significant cointegrating vectors indicates a reduction in relative price variability, while a decrease suggests the opposite. Subsequently, we employ ordinary least squares regression to analyze how the fluctuations in inflation affect the variability in relative prices. The sample period ranges from December 2007 to April 2021.
Findings
The empirical results indicate that there exists a certain threshold inflation rate corresponding to which the variability in relative prices is minimized. More importantly, consistent with the theoretical predictions, the results suggest that it is not inflation per se, but the deviation of inflation from the 3% threshold level in either direction that causes higher dispersion in relative prices.
Research limitations/implications
The empirical findings from this study have crucial implications for the operation of monetary and fiscal policy. In particular, these findings suggest that stabilizing long-term inflation around a certain threshold rate will not only help to anchor inflation expectations effectively but will also minimize the welfare costs associated with inflation.
Originality/value
Given the rising inflationary pressure in the recent past and its welfare costs, the study assumes crucial importance in understating how fluctuations in inflation distort the relative price structure and eventually cause resource misallocations and economic inefficiency.
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Sirui Han, Haitian Lu and Hao Wu
Our analysis is targeted at researchers in the fields of economics and finance, and we place emphasis on the incremental contributions of each paper, key research questions, study…
Abstract
Purpose
Our analysis is targeted at researchers in the fields of economics and finance, and we place emphasis on the incremental contributions of each paper, key research questions, study methodology, main conclusions and data and identification tactics. By focusing on these critical areas, our review seeks to provide valuable insights and guidance for future research in this rapidly evolving and complex field.
Design/methodology/approach
This paper conducts a structured literature review (SLR) of Bitcoin-related articles published in the leading finance, economics and accounting journals between 2018 and 2023. Following Massaro et al. (2016), SLR is a method for examining a corpus of scholarly work to generate new ideas, critical reflections and future research agendas. The goals of SLR are congruent with the three outcomes of critical management research identified by Alvesson and Deetz (2000): insight, critique and transformative redefinition.
Findings
The present state of research on Bitcoin lacks coherence and interconnectedness, leading to a limited understanding of the underlying mechanisms. However, certain areas of research have emerged as significant topics for further exploration. These include the decentralized payment system, equilibrium price, market microstructure, trading patterns and regulation of Bitcoin. In this context, this review serves as a valuable starting point for researchers who are unacquainted with the interdisciplinary field of bitcoin and blockchain research. It is essential to recognize the potential value of research in Bitcoin-related fields in advancing knowledge of the interaction between finance, economics, law and technology. Therefore, future research in this area should focus on adopting innovative and interdisciplinary methods to enhance our comprehension of these intricate and evolving technologies.
Originality/value
Our review encompasses the latest research on Bitcoin, including its market microstructure, trading behavior, price patterns and portfolio analysis. It explores Bitcoin's market microstructure, liquidity, derivative markets, price discovery and market efficiency. Studies have also focused on trading behavior, investors' characteristics, market sentiment and price volatility. Furthermore, empirical studies demonstrate the advantages of including Bitcoin in a portfolio. These findings enhance our understanding of Bitcoin's potential impact on the financial industry.
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Francesco Busato, Maria Ferrara and Monica Varlese
This paper analyzes real and welfare effects of a permanent change in inflation rate, focusing on macroprudential policy’ role and its interaction with monetary policy.
Abstract
Purpose
This paper analyzes real and welfare effects of a permanent change in inflation rate, focusing on macroprudential policy’ role and its interaction with monetary policy.
Design/methodology/approach
While investigating disinflation costs, the authors simulate a medium-scale dynamic general equilibrium model with borrowing constraints, credit frictions and macroprudential authority.
Findings
Providing discussions on different policy scenarios in a context where still it is expected high inflation, there are three key contributions. First, when macroprudential authority actively operates to improve financial stability, losses caused by disinflation are limited. Second, a Taylor rule directly responding to financial variables might entail a trade-off between price and financial stability objectives, by increasing disinflation costs. Third, disinflation is welfare improving for savers, while costly for borrowers and banks. Indeed, while savers benefit from policies reducing price stickiness distortion, borrowers are worried about credit frictions, coming from collateral constraint.
Practical implications
The paper suggests threefold policy implications: the macroprudential authority should actively intervene during a disinflation process to minimize costs and financial instability deriving from it; policymakers should implement a disinflationary policy stabilizing also output; the central bank and the macroprudential regulator should pursue financial and price stability goals, separately.
Originality/value
This paper is the first attempt to study effects of a permanent inflation target reduction in focusing on the macroprudential policy’ role.
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Iqbal Reza Nugraha, Gumilang Aryo Sahadewo and Sekar Utami Setiastuti
This paper aims to examine the impact of COVID-19 on inflation in Indonesia. There are two questions in this study: (1) Is there an impact of COVID-19 on inflation in Indonesia…
Abstract
Purpose
This paper aims to examine the impact of COVID-19 on inflation in Indonesia. There are two questions in this study: (1) Is there an impact of COVID-19 on inflation in Indonesia? and (2) whether there are differences in the impact of COVID-19 on regional inflation in Indonesia, considering the different intensities associated with COVID-19.
Design/methodology/approach
The estimation technique showing the impact of the COVID-19 pandemic on inflation uses the difference-in-differences (DID) method described by Pischke (2008). The core idea of the estimation above is continuous DID using panel data. No province was affected by COVID-19 before 2020:Q1. Once COVID-19 hits the economy, the effects vary from one district to the other.
Findings
The authors find that the severity of the COVID-19 pandemic negatively affects inflation – the more severe the pandemic, the lower the inflation. This finding conforms with several studies suggesting higher demand pressures than supply during the pandemic. Compared with supply-side indicators such as production index, demand-side indicators – such as consumer confidence index and real sales index – fell more sharply.
Research limitations/implications
In the Introduction section, the authors have added a discussion that indeed the COVID-19 pandemic affects inflation through both the demand- and supply-side shocks. While factors driving regional differences in inflation rate are important research and policy questions, the analysis of these factors is outside the scope of this study. The study focuses on the COVID-19 impact on inflation and whether the pandemic disproportionately affects some regions than the others.
Practical implications
This research is important to provide an understanding of the nature of the pandemic on inflation in the context of the Indonesian economy, which is essential to policy formulation, especially for the Central Bank in carrying out the mandate to maintain rupiah stability. This issue is due to the implications of different policy responses between demand- and supply-side shocks.
Originality/value
As a novelty in this study and research gap, the authors use a continuous DID method to account for the varying intensity of COVID-19 across the provinces. In particular, the authors use the number of positive cases of COVID-19 per 1,000 population as opposed to just a binary indicator of before-and-during COVID-19 across provinces.
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Amritkant Mishra, Ajit Kumar Dash and Purna Chandra Padhan
This pragmatic investigation examines the dynamic nexus between crude oil prices and food inflation from South and Southeast Asian perspectives.
Abstract
Purpose
This pragmatic investigation examines the dynamic nexus between crude oil prices and food inflation from South and Southeast Asian perspectives.
Design/methodology/approach
This study investigates the asymmetric effects of global crude oil prices on food inflation using a nonlinear autoregressive distributed lag (ARDL) model with monthly data covering the period from May 2012 to April 2022.
Findings
The empirical evidence reveals that international crude oil has a substantial impact on food prices in the majority of countries. Additionally, the relevant outcome documents that the asymmetric effect of global crude oil on food inflation applies to Sri Lanka and Vietnam, while in the other countries, it is symmetric.
Research limitations/implications
Considering the optimistic outcomes, this empirical investigation is certain to have important shortcomings. Initially, the conclusions drawn from the above findings were based only on detailed assessments of the aforementioned variables' data over a 10-year period. The current scholarly analysis investigates the existence of an asymmetric impact of crude oil on food inflation, limited to six Asian countries. On the other hand, considering a greater number of Asian economies could enhance the analysis’s robustness and precision.
Originality/value
The current research aims to contribute to the existing literature on food inflation and global oil prices in the following ways: First, this study investigates the nexus between global crude oil and food inflation in a novel way, considering the nonlinear relationship between the variables. To figure out the nonlinear relationship or uneven effect of the global oil shock on food prices, we use the nonlinear ARDL model. Secondly, as food inflation is one of the major issues for the South and Southeast Asian economies, this empirical investigation broadens the analysis by incorporating a perspective from South and Southeast Asia, an area largely overlooked by previous researchers. Finally, we are very optimistic about the phenomenal contribution of current analysis to comprehending the conception of oil and food price dynamics from a broader perspective to achieve the Sustainable Development Goal (SDG), which aims for a sustainable resolution to end hunger in all its forms by 2030 and to accomplish food security, especially in emerging economies.
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Muhammad Mahmudul Karim, Abu Hanifa Md. Noman, M. Kabir Hassan, Asif Khan and Najmul Haque Kawsar
This paper aims to investigate the immediate effect of the outbreak of the COVID-19 pandemic by investigating volatility transmission and dynamic correlation between stock…
Abstract
Purpose
This paper aims to investigate the immediate effect of the outbreak of the COVID-19 pandemic by investigating volatility transmission and dynamic correlation between stock (conventional and Islamic) markets, bitcoin and major commodities such as gold, oil and silver at different investment horizons before and after 161 trading days of the outbreak of the COVID-19 pandemic.
Design/methodology/approach
The MGARCH-DCC and maximum overlap discrete wavelet transform -based cross-correlation were used in the estimation of the volatility spillover and continuous wavelet transform in the estimation of the time-varying volatility and correlation between the assets at different investment horizons.
Findings
The authors observed a sudden correlation breakdown following the COVID-19 shock. Oil (Bitcoin) was a major volatility transmitter before (during) COVID-19. Digital gold (Bitcoin), gold and silver became highly correlated during COVID-19. The highest co-movement between the assets was observed at medium and long-term investment horizons.
Practical implications
The study findings have a financial implication for day traders, investors and policymakers in the understanding of volatility transmission and intercorrelation in a bid to actively manage stylized and well-diversified asset portfolios.
Originality/value
This study is unique for its employment in estimating the time-varying conditional volatility of the investable assets and cross-correlations between them at different investment horizons, particularly before and after COVID-19 outbreak.
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Aderonke Oyetunji, Kailee Bunte and Val Bellman
This paper aims to illuminate the issue of workplace violence (WPV) against psychiatry residents. Workplace violence is known to negatively impact physical and emotional…
Abstract
Purpose
This paper aims to illuminate the issue of workplace violence (WPV) against psychiatry residents. Workplace violence is known to negatively impact physical and emotional well-being, professional development and the quality of the care that mental health professionals provide to patients. The authors discuss the prevalence of, risk factors for and consequences of WPV against psychiatry residents, as well as the need for support and resources to help residents cope with the emotional challenges of their job.
Design/methodology/approach
This paper is a review of the literature on WPV against psychiatry residents, and includes studies on its prevalence, associated risk factors and consequences.
Findings
Psychiatry residents face a heightened risk of WPV, including physical and verbal attacks, which can harm their mental and physical health and disrupt their continuity of care. Factors that contribute to WPV against psychiatry residents include exposure to aggressive or violent behaviors, inadequate training in WPV, understaffing, the stigmatization of mental illnesses, and discriminatory treatment. Furthermore, psychiatry residents who encounter WPV may develop negative emotions and attitudes toward their patients, which can compromise the care they provide.
Research limitations/implications
The inherent heterogeneity of study designs highlighted in this review could hinder the establishment of definitive conclusions about the impact of workplace violence on psychiatry residents. A focus on studies published in English may inadvertently exclude relevant literature in other languages, potentially limiting the comprehensiveness of study findings.
Originality/value
This paper highlights resident physicians’ personal experiences with and perceptions of WPV encountered during residency training. In response, potential solutions are proposed to address WPV, including increased support for resident physicians, mandatory reporting of WPV incidents, and a cultural shift toward zero tolerance for WPV. In addition, the paper raises awareness of the limited research on this topic and the importance of further investigation.
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Jackeline Rodriguez, Kaylee Fredella, Jake Labhart, Jennifer A. Bunn and Matthew Wagner
The purpose of this study was to assess relationships between dynamic shooting accuracy and physical training behaviors in tactical police officers.
Abstract
Purpose
The purpose of this study was to assess relationships between dynamic shooting accuracy and physical training behaviors in tactical police officers.
Design/methodology/approach
Seventy tactical police officers from various agencies completed a survey including information on general experience, firearms training and physical training. Participants completed dynamic shooting drills with pistol and a rifle.
Findings
Officer’s overall shooting performance was associated with years of experience in special operations as more accurate shooters had 6–10 years of experience. Operators in the highest shooting quartile were likely to participate in shooting competitions. Operators at the 50% ranking or above were more likely to train at the department or agency gym.
Research limitations/implications
All subjects were males, no cause/effect relationship established, no data on caffeine and alcohol consumption or sleep behaviors. Years of experience, competition shooting, and training were all related to higher level shooting performance.
Practical implications
The data support deliberate practice, accountability, and camaraderie contribute to high-level performance and safety for tactical law enforcement officers.
Originality/value
This research highlighted marksmanship performance and the connection between training habits and lifestyle. These findings highlight the need for training specific variables so that operators perform at a higher level and enhance their skills for dynamic shooting performance in a tactical unit.
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Ali Mohammadi, Jiami Yang, Yuri Borgianni and Yong Zeng
The purpose of this paper is to analyze theory of inventive problem-solving (TRIZ) in terms of knowledge, skill, workload and affect to understand its effectiveness in enabling…
Abstract
Purpose
The purpose of this paper is to analyze theory of inventive problem-solving (TRIZ) in terms of knowledge, skill, workload and affect to understand its effectiveness in enabling designers to achieve their optimized mental performance.
Design/methodology/approach
TASKS framework, which aims to capture the causal relations among Task workload, affect, skills, knowledge and mental stress, is adopted as our methodology. The framework supports the analysis of how a methodology influence designer’s affect, skills, knowledge and workload. TRIZ-related publications are assessed using the TASKS framework to identify the barriers and enablers in TRIZ-supported design.
Findings
TRIZ has limitations on its logic and tools. Nevertheless, it could create a beneficial impact on mental performance of designers.
Originality/value
This paper provides a theory-driven TRIZ usability analysis based on the materials in the literature following the TASKS framework. The impact of TRIZ, as an enabler or a barrier, has been analyzed in accomplishing a design task.
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