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Book part
Publication date: 1 October 2014

Ahdi Noomen Ajmi and Nicholas Apergis

This chapter estimates causality properties between real money demand and a number of determinants, that is, real output, the lending rate and the real exchange rate…

Abstract

This chapter estimates causality properties between real money demand and a number of determinants, that is, real output, the lending rate and the real exchange rate, across 10 Asian economies through linear and nonlinear causality methodologies spanning the period 1990–2012. The results document both bidirectional and unidirectional causality between monetary aggregates (M1 and M2) and their determinants for different country groups. The empirical findings exemplify the role of the demand for money as a policy tool and can provide useful policy recommendations to the Asian monetary authorities in their vision of forming a future monetary union.

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Risk Management Post Financial Crisis: A Period of Monetary Easing
Type: Book
ISBN: 978-1-78441-027-8

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Article
Publication date: 1 October 2004

Dorothy Perrin Moore

The Center for Women’s Business Research estimates women are now the majority owners in 6.7 million privately held businesses in the United States and equal owners in…

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1143

Abstract

The Center for Women’s Business Research estimates women are now the majority owners in 6.7 million privately held businesses in the United States and equal owners in another 4.0 million firms. When part owners in multiple businesses are included the female ownership total climbs to an estimated 15.6 million businesses. Women majority owners account for nearly half (48 per cent) of the privately‐held firms in the United States. Their businesses generate $2.46 trillion in sales. They employ 19.1 million people and spend an estimated $492 billion on salaries and $54 billion on employee benefits. The number of women‐owned firms increases at twice the rate of all new firms (14 per cent versus 7 per cent) and the number of employees nearly as fast (30 per cent versus 18 per cent). Women owners are rapidly moving into all industries, with the fastest growth percentages in the fields of construction (30 per cent), transportation, communications and public utilities (28 per cent) and agricultural services (24 per cent). Worldwide, with women entrepreneurs in under developed countries leading the way, women‐owned firms now comprise between one‐fourth and one‐third of all businesses. Given the numbers, it would be almost impossible to overestimate the impact of women owned businesses in today’s global economy.

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Equal Opportunities International, vol. 23 no. 7/8
Type: Research Article
ISSN: 0261-0159

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Open Access
Article
Publication date: 25 July 2019

Van Anh Pham

The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam.

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2784

Abstract

Purpose

The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam.

Design/methodology/approach

The study uses data over the period of 2008–2018 and applies the vector autoregression model, namely recursive restriction and sign restriction approaches.

Findings

The main empirical findings are as follows: a contraction of the money aggregate significantly leads to the real effective exchange rate (REER) depreciating and then appreciating; a tightening of the interest rate immediately causes the REER appreciating and then depreciating; and both the money aggregate and the interest rate strongly determine fluctuations of the REER.

Originality/value

The quantitative results imply that the MP affects the REER considerably.

Details

Journal of Asian Business and Economic Studies, vol. 26 no. 2
Type: Research Article
ISSN: 2515-964X

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Article
Publication date: 23 May 2019

Khee Giap Tan, Sasidaran Gopalan and Jigyasa Sharma

The purpose of this paper is to examine the impact of real effective exchange rates (REER), both in terms of levels and volatility, on the export performance of India’s…

Abstract

Purpose

The purpose of this paper is to examine the impact of real effective exchange rates (REER), both in terms of levels and volatility, on the export performance of India’s sub-national economies, given the recent slowdown in India’s exports.

Design/methodology/approach

India’s export distribution is highly asymmetric, with 90 percent of India’s exports concentrated in 11 sub-national economies. Exploiting this concentration, this paper constructs a panel data set using available data between 2002 and 2014 to understand the relationship between REER and exports from the top exporting cluster. Moreover, the paper constructs a sub-national competitiveness index to capture the supply capacity of the states.

Findings

The empirical findings of this paper reveal that a higher REER volatility deters exports and movements in REER do not matter as much as volatility. The most significant finding of the paper is that state competitiveness is the most crucial factor affecting trade. Therefore, policy makers at the state level must lay more emphasis on the supply side such as addressing logistical bottlenecks to help revive exports growth.

Originality/value

This study makes a departure from the plethora of extant aggregate-level studies by examining the relationship between REER and exports at the sub-national level for India. Considering the highly skewed distribution of India’s exports, the study provides important insights into the exporting patterns and determinants that are at play at the sub-national level.

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South Asian Journal of Business Studies, vol. 8 no. 2
Type: Research Article
ISSN: 2398-628X

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Article
Publication date: 1 September 2004

Sunday Samson Babalola and David E. Okurame

The study examined gender differences in careerist attitudes toward work of Nigerian managers. Participants were 150 first‐line managers (75 males and 75 females) of four…

Abstract

The study examined gender differences in careerist attitudes toward work of Nigerian managers. Participants were 150 first‐line managers (75 males and 75 females) of four large industrial organisations in Lagos, Nigeria. Results revealed that male managers were significantly higher on careerist attitudes toward work compared to female managers. Independent t‐test analysis showed that marital status significantly in fluenced careerist attitudes toward work among women but did not play a significant role in the career istattitudes to ward work of men. The study concludes that gender enhances the use of careerist strategies in men but inhibits it in women. The implication of this finding for policy formulation and future studies were discussed.

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Equal Opportunities International, vol. 23 no. 6
Type: Research Article
ISSN: 0261-0159

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Article
Publication date: 1 October 2004

Kecia M. Thomas, Laura Bierema and Harriet Landau

Women are underrepresented in the leadership ranks across society. Research and the development of strategies to assist corporate women in breaking the glass ceiling is…

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1287

Abstract

Women are underrepresented in the leadership ranks across society. Research and the development of strategies to assist corporate women in breaking the glass ceiling is frequent and ongoing. Less prevalent has been a similar exploration of the barriers that women in academe confront in regards to their upward mobility and subsequent leadership. This article analyzes how academic women experience the glass ceiling, how research done on corporate women can inform much needed study of barriers to academic women’s upward mobility, and finally, how human resource development practices may benefit advancing women’s leadership in higher education.

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Equal Opportunities International, vol. 23 no. 7/8
Type: Research Article
ISSN: 0261-0159

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Article
Publication date: 3 October 2016

Mulatu Fekadu Zerihun, Martinus C. Breitenbach and Francis Kemegue

This paper explores the possibilities for policy coordination in the Southern African Development Community (SADC) as well as real effective exchange rate (REER) stability…

Abstract

Purpose

This paper explores the possibilities for policy coordination in the Southern African Development Community (SADC) as well as real effective exchange rate (REER) stability as a prerequisite towards sensible monetary integration. The underlying hypothesis goes with the assertion that countries meeting optimum currency area conditions face more stable exchange rates.

Design/methodology/approach

The quantitative analysis encompasses 12 SADC member states over the period 1995-2012. Correlation matrixes, dynamic pooled mean group (PMG) and mean group (MG) estimators and real effective exchange rate (REER) and real exchange rate (RER) equilibrium and misalignment analysis are carried out to arrive at the conclusions.

Findings

The study finds that the structural variables used in the PMG model show that there are common fiscal and monetary policy variables that determine REER/RER in the region. However, the exchange rate equilibrium misalignment analysis reveals that SADC economies are characterised by persistent overvaluation at least in the short term. This calls for further sustained policy coordination in the region.

Practical implications

The findings in this paper have important policy implications for economic stability and for the attempt of policy coordination in SADC region for the proposed monetary integration to proceed.

Originality/value

This study is the first attempt that relates the exchange rate as a policy coordination instrument among SADC economies.

Details

Studies in Economics and Finance, vol. 33 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 14 April 2014

Abdalrahman AbuDalu and Elsadig Musa Ahmed

The purpose of this paper is to present an empirical analysis of long-run and short-run forcing variables of purchasing power parity (PPP) for ASEAN-5 currencies vis-à-vis

Abstract

Purpose

The purpose of this paper is to present an empirical analysis of long-run and short-run forcing variables of purchasing power parity (PPP) for ASEAN-5 currencies vis-à-vis the UK pound, i.e. their real effective exchange rate (REER).

Design/methodology/approach

This study uses a recently developed autoregressive distributed lag (ARDL) approach to co-integration (Pesaran et al., 2001) over the period 1991:Q1-2006:Q2. Our empirical results suggest that the foreign interest rate (R*) and domestic money supply (M1) are the significant long-run forcing variables of PPP for ASEAN-5 REERs for the three periods.

Findings

In the short-run, the variables have different impacts during the sub-periods and full period for ASEAN-5 countries. The results suggest that the domestic money supply (M1) for Malaysia, domestic interest rate and foreign interest rate (R*) for Indonesia, domestic money supply (M1) and term of trades (TOT) for Philippines, foreign interest rate (R*) for Thailand, and foreign interest rate (R*) and net foreign assets (NFA) for Singapore, respectively, have the highest significant short-run forcing variable of PPP for countries REERs.

Originality/value

In this respect, the outcomes can derive policy implication for the monetary authorities in these ASEAN-5 countries.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 10 no. 2
Type: Research Article
ISSN: 2042-5961

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Book part
Publication date: 23 October 2017

Rajmund Mirdala and Júlia Ďurčová

Asynchronous current account trends between North and South of the Euro Area were accompanied by significant appreciations of real exchange rate originating in the strong…

Abstract

Asynchronous current account trends between North and South of the Euro Area were accompanied by significant appreciations of real exchange rate originating in the strong shifts in consumer prices and unit labor costs in the periphery economies relative to the core countries of the Euro Area. The issue is whether the real exchange rate is a significant driver of persisting current account imbalances in the Euro Area considering that, according to some authors, differences in domestic demand are more important than is often realized. In the paper we examine relative importance of real exchange rate and demand shocks according to the current account adjustments in the Euro Area member countries. Our results indicate that while the prices and costs related determinants of external competitiveness affected current account adjustments primarily during the pre-crisis period, demand drivers shaped current account balances mainly during the crisis period.

Details

Economic Imbalances and Institutional Changes to the Euro and the European Union
Type: Book
ISBN: 978-1-78714-510-8

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Article
Publication date: 10 July 2021

Sidi Mohammed Chekouri, Abdelkader Sahed and Abderrahim Chibi

This paper aims to examine the relationship between exchange rate and oil prices in Algeria over the period 2004Q1–2019Q4.

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46

Abstract

Purpose

This paper aims to examine the relationship between exchange rate and oil prices in Algeria over the period 2004Q1–2019Q4.

Design/methodology/approach

The nonlinear autoregressive distributed lag method is used to capture the potential asymmetric relationship among oil prices and the exchange rate. Frequency domain spectral Granger causality test is also applied to investigate the causal linkage between the two variables. The wavelet coherence is applied to analyze the evolution of this relationship both in time and frequency domains.

Findings

The empirical results reveal evidence of long-run asymmetric effects of oil price on Algeria’s real effective exchange rate (REER), implying that an increase in oil price causes a real exchange rate to appreciate, while a decrease in oil price leads to a real exchange rate to depreciate. More specifically, it is found that the impact of negative oil price shocks is higher than the one associated with positive shocks. The spectral Granger causality results further indicate that there is unidirectional causality running from oil price to REER in both medium and long run. The wavelet coherence findings provide evidence of some co-movement between the REER and oil price and point out that the oil price is leading real exchange rate in the medium and long terms.

Originality/value

This study contributes to the literature by investigating the asymmetric impact and the time domain causal linkage between oil price fluctuations and real exchange rate in Algeria.

Details

International Journal of Energy Sector Management, vol. 15 no. 5
Type: Research Article
ISSN: 1750-6220

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