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1 – 10 of 924Alcides J. Padilla and Jorge David Quintero Otero
The purpose of this paper is to assess sub-national business cycle (BC) synchronization's impact on national cycles in four emerging markets economies with inflation targeting…
Abstract
Purpose
The purpose of this paper is to assess sub-national business cycle (BC) synchronization's impact on national cycles in four emerging markets economies with inflation targeting (IT-EMEs): Brazil, Colombia, South Korea and Mexico.
Design/methodology/approach
The authors use panel data models with fixed-effects and distributed lags.
Findings
The authors disclosed that sub-national synchronization increased national cycle amplitudes during expansion and recession phases. The authors also noticed that South Korea exhibited a more pronounced effect compared to Latin American countries, and this seemed to be associated with differences in the homogeneity of the production structures in the regions of these countries.
Research limitations/implications
The authors cautioned that contrasting the findings with prior research on the effects of regional BC synchronization in IT-EMEs or with studies in different geographical contexts, is not possible due to the absence of prior research endeavors with this specific focus.
Originality/value
This study constitutes a first attempt to explain the impact of subnational cycle synchronization on the magnitude of national cycles in four IT-EMEs.
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Ayuba Napari, Rasim Ozcan and Asad Ul Islam Khan
For close to two decades, the West African Monetary Zone (WAMZ) has been preparing to launch a second monetary union within the ECOWAS region. This study aims to determine the…
Abstract
Purpose
For close to two decades, the West African Monetary Zone (WAMZ) has been preparing to launch a second monetary union within the ECOWAS region. This study aims to determine the impact such a unionised monetary regime will have on financial stability as represented by the nonperforming loan ratios of Ghana in a counterfactual framework.
Design/methodology/approach
This study models nonperforming loan ratios as dependent on the monetary policy rate and the business cycle. The study then used historical data to estimate the parameters of the nonperforming loan ratio response function using an Autoregressive Distributed Lag (ARDL) approach. The estimated parameters are further used to estimate the impact of several counterfactual unionised monetary policy rates on the nonperforming loan ratios and its volatility of Ghana. As robustness check, the Least Absolute Shrinkage Selection Operator (LASSO) regression is also used to estimate the nonperforming loan ratios response function and to predict nonperforming loans under the counterfactual unionised monetary policy rates.
Findings
The results of the counterfactual study reveals that the apparent cost of monetary unification is much less than supposed with a monetary union likely to dampen volatility in non-performing loans in Ghana. As such, the WAMZ members should increase the pace towards monetary unification.
Originality/value
The paper contributes to the existing literature by explicitly modelling nonperforming loan ratios as dependent on monetary policy and the business cycle. The study also settles the debate on the financial stability cost of a monetary union due to the nonalignment of business cycles and economic structures.
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Urban mobility has substantially evolved in several western countries, shifting from interest in road expansion strategies to cater motorized movement to the emphasis on…
Abstract
Purpose
Urban mobility has substantially evolved in several western countries, shifting from interest in road expansion strategies to cater motorized movement to the emphasis on sustainable mobility. This is, however, not the case in several developing countries that still try to accommodate vehicular flows in inner historic cities. This paper aims at providing an assessment framework that helps in evaluating the effect of streetscape development on the walking and cycling environment in historic contexts.
Design/methodology/approach
This research follows a two-phase methodology. Phase 1 is the investigation of the literature review including the streetscape design, Sustainable Development Goals (SDGs) and indicators for the assessment of walking and cycling environment. This phase results in developing a set of indicators for the assessment. Phase 2 is the case study including, methods, steps and results of the assessment based on the output of Phase 1. This phase concludes with a discussion on the challenges and recommendations for the enhancement.
Findings
The streetscape development in Afrang was insufficient and negatively affected the walking and cycling environment. It was motorized-oriented, instead of enhancing green mobility. The interventions led to more crowds, safety risks and less pleasant experience. Moreover, the car users' experience was enhanced initially; however, the traffic situation did not persist. A sustainable urban mobility approach is necessary to be implemented with consideration to the global level and the relation to SDGs.
Originality/value
There is a gap in tackling the research problem both within the context of Port Said in particular and Egyptian context in general. Local authorities need a clear structured methodology to follow in the development of the streetscape. The assessment indicators gathered can be the basis for evaluating future plans.
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Jurgita Banytė and Christopher Mulhearn
This article seeks to offer an answer. It explores the criteria on which commercial property market participants can develop strategies in hugely challenging circumstances. For…
Abstract
Purpose
This article seeks to offer an answer. It explores the criteria on which commercial property market participants can develop strategies in hugely challenging circumstances. For this purpose, a survey-based approach was developed with work conducted with property-market professional in the United Kingdom (UK), France, Germany and Sweden to produce a criteria-based tool supporting adaption to changing market circumstances.
Design/methodology/approach
The data have been analyzed using statistical analysis. The data's statistical analysis included Cronbach's alpha's application to evaluate the respondents' replies' reliability. A entral tendency test was used to identify the means of relevance of the criteria. The Mann–Whitney U test was used to determine potential material differences between the UK and other countries with Bonferroni corrections applied to minimize type-I errors.
Findings
Thirty characteristics have been identified that impact the dynamics of the commercial property market. Their relevance to the commercial property market was determined using a survey. The literature analysis showed that the researchers paid more attention to quantitative criteria and their comparison. The survey showed that the relevance of criteria to the commercial property market dynamics is unequal. However, the survey results showed that it is most important to pay attention to emotional criteria to adapt to uncertainty changing conditions. The problem of the environment has been on the agenda for the last four decades. Therefore, the fact that the results of the study showed that the environmental criteria are the least significant is unexpected.
Research limitations/implications
The study involved economically developed countries of Europe. Extending the study's geographical scope would be valuable in revealing whether the same differences exist in other geographical areas (such as Australia or the USA).
Practical implications
The practical implication of the analysis may be to facilitate the decision-making process of either selecting a country for commercial property investment or selecting the most sensitive and relevant criteria for the decision-making.
Originality/value
Criteria for commercial property market performance which promote successful property investment have been developed. Moreover, the criteria affecting the commercial property market have been weighted by their relevance to the market and their sequence of relevance has been established. And finally, the developed criteria have been placed into five groups that could serve as a foundation for a macro-level assessment of commercial property market dynamics.
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Myriam Ertz, Shashi Kashav, Tian Zeng and Shouheng Sun
Traditionally, life cycle assessment (LCA) has focused on environmental aspects, but integrating social aspects in LCA has gained traction among scholars and practitioners. This…
Abstract
Purpose
Traditionally, life cycle assessment (LCA) has focused on environmental aspects, but integrating social aspects in LCA has gained traction among scholars and practitioners. This study aims to review key social life cycle assessment (SLCA) themes, namely, drivers and barriers of SLCA implementation, methodology and measurement metrics, classification of initiatives to improve SLCA and customer perspectives in SLCA.
Design/methodology/approach
A total of 148 scientific papers extracted from the Web of Science database were used and analyzed using bibliometric and content analysis.
Findings
The findings suggest that the existing research ignores several aspects of SCLA, which impedes positive growth in topical scholarship, and the study proposes a classification of SLCA research paths to enrich future research. This study contributes positively to SLCA by further developing this area, and as such, this research is a primer to gain deeper knowledge about the state-of-the-art in SLCA as well as to foresee its future scope and challenges.
Originality/value
The study provides an up-to-date review of extant research pertaining to SLCA.
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Armando Urdaneta Montiel, Emmanuel Vitorio Borgucci Garcia and Segundo Camino-Mogro
This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product…
Abstract
Purpose
This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product between 2006 and 2020.
Design/methodology/approach
The vector autoregressive technique (VAR) was used, where data from real macroeconomic aggregates published by the Central Bank of Ecuador (BCE) are correlated, such as productive credit, gross domestic product (GDP) per capita, deposits and money demand.
Findings
The results indicate that there is no causal relationship, in the Granger sense, between GDP and financial activity, but there is between the growth rate of real money demand per capita and the growth rate of total real deposits per capita.
Originality/value
The study shows that bank credit mainly finances the operations of current assets and/or liabilities. In addition, economic agents use the banking system mainly to carry out transactional and precautionary activities.
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Guido Migliaccio and Andrea De Palma
This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real…
Abstract
Purpose
This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.
Design/methodology/approach
The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.
Findings
The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.
Research limitations/implications
In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.
Practical implications
Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.
Social implications
The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.
Originality/value
The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.
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Godwin Musah, Daniel Domeher and Imhotep Alagidede
The purpose of this paper is to investigate investor herding behaviour and the effect of presidential elections on investor herding behaviour in African stock markets at the…
Abstract
Purpose
The purpose of this paper is to investigate investor herding behaviour and the effect of presidential elections on investor herding behaviour in African stock markets at the sector level.
Design/methodology/approach
The study segregates listed firms into financial, consumer goods, consumer services and basic materials sectors and uses the cross-sectional absolute deviation approach as a metric of detecting herding in each of the sectors. The authors extend the model to tease out the effect of presidential elections on investor herding behaviour.
Findings
The study reveals that sectoral differences are fundamental to the evolution of herding. Herding is prominent in a financial services sector dominated by banks. The phenomenon also prevails in markets with smaller consumer goods and services sectors. A post-presidential election effect on investor herding is found for the consumer goods and services sectors of Ghana and a pre-presidential election effect is documented in Nigeria's consumer services sector. The authors conclude that post-presidential election effect is as a result of political connections whilst a pre-presidential election effect is attributable to political business cycles.
Research limitations/implications
The study is based on four African countries due to data constraints. Nonetheless, the study is the first in Africa to the best of the authors' knowledge, and the results are very solid and have a lot of practical and policy implications.
Practical implications
The study has implications for investors as it guides investment behaviour in pre- and post-presidential election periods.
Originality/value
Past studies on investor herding behaviour in African stock markets have largely concentrated on the aggregate market. Knowledge on sectoral differences in investor herding is almost non-existent for African stock markets. Furthermore, premised on the fact that stock markets react to presidential elections, there is no known study that have attempted to examine the effect of presidential elections on investor herding behaviour. This paper contributes to the literature by providing evidence on sectoral differences in investor herding behaviour and the effect of presidential elections on sectoral herding behaviour.
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