IMPACT OF FINANCIAL LIBERALIZATION ON EXPORT: EVIDENCE FROM KOSOVO
Author(s): Muhamet J. Spahiu,Esat A. Durguti / Language(s): English
/ Issue: 2/2023
Keywords: Financial liberalization; export; time series models;
The current study observes the link between export levels, GDP growth, gross savings, lending interest rates, and real interest rates. This study's evaluation approach combines an Ordinary Least Squares (OLS), and Arrellano-Bover/Blundell-Bond estimation to observe the connection among export level, GDP growth, gross savings, lending interest rates, and real interest rate as a component of financial liberalization in the case of Kosovo over 12 years from 2009 to 2020. The findings reveal that GDP growth and lending interest rates have a positive impact on the level of export growth. However, as a component of financial liberalization, real interest rates have a negative impact on the level of exports. Whereas econometric analyses revealed that gross savings were insignificant. The negative relationship between the real interest rate and the level of exports represents that real interest rates restricted the financial possibility for businesses to maximize the level of exports throughout the research period. Due to the limited number of observations, this study is limited to analyzing the long-term correlations between the factors that characterize financial liberalization and export progress in the context of Kosovo. To meet the objective of growing exports, policymakers must design policies to enhance the financial system and invest in infrastructure development to encourage the business sector that exports its products or services.
Exploration of Pyramids with Equal Edges to Overcome Misconception
Author(s): Toni Chehlarova / Language(s): English
/ Issue: 3/2021
Keywords: computer model; pyramids; 3D printing; IBL; GeoGebra; critical thinking
A misconception related to the use of a non-existent figure in a task is presented. An opportunity for research work related to this problem is presented. Computer models have been created to provide conditions for self-formulation of hypotheses related to the existence of an n-gonal pyramid with equal edges. The computer models are developed with dynamic GeoGebra software. Variants for manipulatives are indicated, an illustration is made with magnetic manipulatives. Ideas for using research results to create 3D printed models are described.
After the World War II, a rivalry was established between the USA and the Soviet Union, a rivalry developed at a scientific, economic and political level. Each side tried to propagate greater power than the other in each of these fields. All this turmoil was called the Cold War. The term was first coined by presidential and financial adviser Bernard Baruch during a congressional debate in 1947. The Cold War reached its peak in 1948 to 1953. During this period the Soviets attempted an unsuccessful blockade of the western side of Berlin. Meanwhile, the US and its allies formed the North Atlantic Pact, NATO, a pact created as a response to the Soviets' tendency to overrule Europe (1949). All this sounds very actual from the fact that similar developments are happening throughout the current conflict in Ukraine. This paper aims to place an emphasis on the main events during the Cold War so that the reader can notice the correlation with what is happening today.
DOUĂ PERSONALITĂŢI RODNENE: ÎNVĂŢĂTORUL SILVESTRU MUREŞIANU (1850–1935) ŞI PICTORUL FLORIAN A. MUREŞIANU (1878–1961) – ÎNSEMNĂRI AUTOBIOGRAFICE
Author(s): Dan-Lucian Vaida / Language(s): English
/ Issue: XXI/2022
Keywords: Silvestru Mureșianu; Florian A. Mureșianu; autobiography; Năsăud; professor; painter;
These pages reveal the autobiographical notes of Professor Silvestru Mureşianu (1850–1935) and professor and painter Florian Mureşianu (1878–1959), father and son, both from Rodna-Veche. Most information regards Florian Mureşianu. He got his primary education in the village of his origins, whereas, for gymnasium, he went to Năsăud between 1889 and 1897. After high school, due to his painting abilities, he followed the upper courses offered by the School of Fine Arts in Budapest. During his studies, he was an active member of the „Petru Maior” Society and joined the editorial board of the „Luceafărul” magazine in Budapest, managed by Octavian Goga. After his military service, he worked alongside Professor Octavian Smigelschi on the paintings of some churches in Transylvania and Banat. In 1908, he started to work as a teacher at the school in Nagyszombat (today Trnava in Slovakia). The beginnings of the First World War were to catch him in the same place. He was on duty till the end of the war (1918). In 1919, he asked the Governing Council for a teaching position on the territory of Greater Romania. As a result, he was appointed teacher and administrator of the School of Arts and Crafts in Arad, where he remained until his retirement. Many of his pieces of work, especially those inspired by the history and traditions of his homeland, are preserved in the museum in Rodna nowadays.
WAS NATO INTERVENTION IN KOSOVO JUST IN A MORAL POINT OF VIEW?
CONFRONTING APPROACHES STATISM VS. COSMOPOLITANISM
Author(s): Donika KAMBERI,Shefik SHEHU / Language(s): English
/ Issue: 5-6/2022
Keywords: statism; cosmopolitanism; moral reasoning; humanitarian intervention
This paper confronts two contrasting theoretical perspectives on humanitarian intervention such as: statism vs. cosmopolitanism. The aim of the research is to find out powerful reasons for grounding moral reasoning of humanitarian intervention. The paper seeks to argument that the justification of humanitarian intervention should rest upon moral reasoning rather than international law or normative framework when it comes to abuses of human lives, it is a moral imperative and through moral reasoning we can determine what ought to be done for sake of global justice. It is indeed a perplexing issue and we are not seeking to solve the moral dilemma but rather give a comprehensive account of which theory best fits the reality. The paper does not tell the entire story, but from a cosmopolitan standpoint we can see that sovereignty is conditional and relative while human rights are absolute while from a statist position the juridical boundaries prevail.
THE CONTRIBUTION OF INTERNATIONAL CHAMBER OF COMMERCE TO THE DISPUTE RESOLUTION
Author(s): Faton SHABANI,Donika KAMBERI / Language(s): English
/ Issue: 5-6/2022
Keywords: ADR; third party; conflicts; ICC; analysis; statistical data
The resolution of disputes outside the courts, otherwise known as Alternative Dispute Resolution (ADR) is not a new phenomenon. This is because societies around the world have historically long used non-judicial methods, often with the help of a third party in the role of judge or facilitator, in order to reach a resolution of their conflicts. What is new is the promotion and widespread dissemination of ADR models, the guidance and in certain cases even the court's order to disputing parties to use ADR, as well as the increasing use of ADR as a tool to achieve broader goals than the resolution of specific disputes. The International Chamber of Commerce (ICC) is committed to strengthening the infrastructure of ADR, primarily arbitration and mediation worldwide and launching various services available to everyone. The results show that the ICC is increasingly seen as the go-to institution both in terms of the number of disputes addressed for resolution and in terms of the value of the disputes. This paper analyzes precisely these most prominent activities of the ICC in terms of providing solutions for the management of dispute resolution. The analysis of official statistical data presented by the ICC provides results that prove a constant ongoing demand for ICC services, i.e. reflecting its continuing global efforts.
INTEGRATION OF FOREIGNERS WITHIN THE BOUNDARIES OF THE EUROPEAN UNION: NATIONAL STATES AND CITIZENSHIP
Author(s): Lulzim MEHMEDI,Gezm XHAMBAZI,Makfirete AMETI / Language(s): English
/ Issue: 5-6/2022
Keywords: integration; nation-state; citizenship
Constituting nation-states in Europe carried along several ambiguities about the status of people who belong to another ethnicity. Nowadays, when referring to democratic EU member states, the ethnic definition remains a fundamental indicator of the administrative and political rights of its inhabitants. Most of these countries are governed and ruled by right-wing governments, therefore we find duality in defining their citizens. Linking between the state and nationals is reciprocal in many segments, but there is a mutual imbalance between nationals within involvement in politics and decision-making, although some foreigners already have been equipped with the citizenship act of the state where they work. This finding is a clear indication of a violation of freedoms and human rights, even human dignity as an undeniable right guaranteed by all international conventions.
EFFECT OF DEBT TO EQUITY RATIO AND FIRM SIZE OF RETURN ON ASSETS ON MANUFACTURING COMPANY IN INDONESIA STOCK EXCHANGE
Author(s): Erda Junaidi,Muksal Muksal / Language(s): English
/ Issue: 2/2021
Keywords: Debt to Equity; Firm Size; Return on Asset; Manufacture Company;
This study aims to analyze the effect of Debt to Equity Ratio (DER) and Firm Size on Profitability proxy with Return on Asset (ROA) in Manufacturing company on the Indonesian Stock Exchange 2017-2019. The sample population in this study contains Manufacturing companies listed on the Indonesia Stock Exchange The number of companies used in this study were 127 company samples. The research data is quantitative data obtained from the quarterly financial report of Manufacture Companies. Data analysis using simple linear analysis with 5% significance level which aims to obtain how the overall influence of the relationship between Debt to Equity Ratio (DER), Firm Size variable and Return on Asset (ROA). The results showed that the variable Debt to Equity Ratio (DER) has a negative and significant effect on Return on Asset (ROA) with a value t greater than 0.005 and Firm Size has a negative and significant effect on Return on Asset (ROA) with a value t greater than 0.005. High DER ratio can give a picture of the negative effect on profitability and High Firm Size ratio can give a picture of the negative effect on profitability of Manufacture Company.
THE DETERMINANTS OF FINANCIAL INCLUSION AND DIGITAL FINANCIAL INCLUSION IN INDIA: A COMPARATIVE STUDY
Author(s): Srinivasu Bathula,Ankita Gupta / Language(s): English
/ Issue: 2/2021
Keywords: Financial Inclusions; Digital Financial Inclusion; Financial Services; Digital Financial Services; Mobile Banking;
The access to the financial services and digital financial services in India has not yet transformed into their frequent use. Therefore, the present paper provides a comparative analysis of the individual level determinants for few main indicators of the two main dimensions of financial inclusion and digital financial inclusion: access and use, based on binary probit regression analysis using World Bank’s 2017 Global findex data. The paper concludes that education and workforce participation are positively associated with the access to financial services and digital financial services and also with the use of most of the financial services and digital financial services. Another interesting result is that being a woman and poor reduces the probability of using mobile banking but do not affect traditional banking.
COMMITMENT TO CAPITAL RAISING FOR VENTURE CAPITAL FUNDS IN INDIA: AN APPLICATION OF ARDL MODEL
Author(s): Mohammad Mustafa,Syed Shahid Mazhar / Language(s): English
/ Issue: 2/2021
Keywords: VC; Commitment; Capital; LP; Liquidity;
Venture capitalists (VCs) flourish on the ability to add funds to their kitty across nations. Consequently, VCs’ ability to convince Limited Partners (LP), who are their primary source of financing, plays a critical role in the venture capital investment growth in any economy. However, it is not easy to rake in capital from an investor. LPs assess the market conditions carefully before making their capital available to the VCs. This paper examines the macro-economic variables that influence the supply of money to venture capital funds in emerging economies such as India from an LPs perspective. The empirical analysis using Autoregressive-Distributed Lag (ARDL) approach reveals that supply of capital to the VC funds in India is influenced by macro variables as well as past investment behaviours. Macro-variables such as GDP growth, interest rate spread, global liquidity, and inflation rate significantly influence the supply of capital to the VC funds in India. However, stock market liquidity does not influence the supply side of the venture capital investment. Our analysis reveals that VCs’ fund raising in India is highly influenced by their past investment relation with the LPs.
GOVERNMENTAL ANNOUNCEMENTS AND INDIAN STOCK MARKET: EVIDENCE FROM INDIAN MANUFACTURING SECTOR
Author(s): Mahesh Dahal,Joy Das / Language(s): English
/ Issue: 2/2021
Keywords: Indian Manufacturing Sector; Make in India; Demonetization; GST Implementation; Event Study Methodology;
The Indian Manufacturing sector lags behind in contributing to economic development, as compared to its peer nations and therefore, to boost the sector’s contribution to the economy and to transform the economy into a cashless economy, the government of India had announced three major steps, Make in India, Demonetization and GST. In the present study using event study methodology, the immediate impact of the announcements on the stock of the companies from the Indian Manufacturing sector is examined and found that the announcement of the Make in India positively influenced the security returns. In contrast, negative impact on the security prices is witnessed on the announcement of Demonetization, whereas the GST implementation has no impact.
BANK REVOLVING CREDIT AS A CHANNEL OF MONETARY POLICY
Author(s): Mujtaba Zia,Jennifer Logan / Language(s): English
/ Issue: 2/2021
Keywords: Bank Revolving Credits; Credit Cards; Monetary Policy; Financial Crisis;
This paper investigates the implication of bank revolving credit in the form of credit card loans as a channel of monetary policy targeting the federal funds rate since 1980. Credit cards have become increasingly popular and a necessity for many transactions and purchases in the United States. The revolving credit nature of credit card loans makes them an instant tool for consumer loans that can facilitate consumption. Using instrumental variable and two-stage least squares (2SLS) methodology, we analyze the implication of credit card loans to modern monetary policy that targets interest rates.
This study proposes an estimation technique for developing the best fit ARIMA-GARCH model to predict the closing values of Nifty 50. The study put forward different methods to resolve the issue of non-stationarity in mean as well as variance of the series before starting the estimation process. This study has applied autoregressive integrated moving-average (ARIMA), generalized autoregressive conditional heteroscedasticity (GARCH), exponential GARCH (EGARCH) and threshold GARCH (TGARCH) model along with other estimation procedures on the daily closing prices of Nifty 50 from Jan 1, 2009 to Dec 30, 2019. Finally, the study identifies ARIMA(2,1,2)-EGARCH(1,1,1) as best model to predict the closing prices of Nifty 50. The findings indicate that the static forecast provides better results as compared to the dynamic forecast. These research findings will add to the tool kit of domestic as well as international portfolio managers and investors to frame suitable NIFTY trade strategies with least possible risks.
This paper aims to provide quantitative statistics and a comprehensive review of the key influential and intellectual structure of asymmetric volatility and leverage effect in the stock market. This study reviews 271 articles and review papers published in scientific journals indexed by the Scopus database from 1994 to 2021. VOSviewer and Excel software are used to analyse the collected data and apply the bibliometric tests such as citation analysis of documents, source, authors, institutions and countries, Co-occurrence analysis of author keywords, co-authorship and Bibliographic coupling of authors, source and countries. By analysing the growth in this topic, during the first 10 years, the publication in this topic was considerably less. After that, until 2020, the growth is remarkable. Further, the study identifies the most influential and impactful authors, journals, institutions, and countries to asymmetric volatility and leverage effect in the stock market. To the best of the author’s knowledge, this is one of the first papers to address the literature of asymmetric volatility and leverage effect in the stock market from a bibliometric aspect. It helps researchers and other academicians to explore and build a quantitative base regarding the scientific development of asymmetric volatility and leverage effect in the stock market.
FACTORS’ INFLUENCING DRIVING DEMAND OF CRYPTOCURRENCY AND ITS IMPACT ON BEHAVIORAL INTENTION: AN INDIAN PERSPECTIVE
Author(s): Jyoti Verma / Language(s): English
/ Issue: 1/2022
Keywords: Blockchain Technology; Cryptocurrency; Digital Currency; Technology;
Investors are gearing up to invest their money into wide range of cryptocurrency choices. However, investors are still somewhat hesitant about the adoption of this virtual currency. Therefore, there is a strong need to find out the reasons by identifying the factors that affect the investors’ perceptions towards adoption decisions for investing in cryptocurrencies. New constructs have been identified that will provide value and utility for users of cryptocurrencies. The factors proposed in the model have the greatest influence on the behavioral intention of the investors. Findings highlighted the concerns regarding trust, risk factors, ease of use, and supportive technologies.
Inflation forecasting is key in achieving the Central Bank mandate of price stability the world over. Different traditional methods were used to forecast inflation with little or no attention given to the area of forecasting the inflation rate in Nigeria using machine learning techniques. Data was sourced from CBN statistical bulletin (2021) on monthly basis. The study found that ridge regression and Artificial Neural Networks are the best in forecasting inflation in Nigeria when compared with the LASSO, elastic net, and PLS. The study further reveals that the major drivers of headline inflation in Nigeria were food inflation, core inflation, prime lending rate, maximum lending rate, and the inter-bank rate. The study recommends that ridge regression and Artificial Neural Network machine learning techniques be used in forecasting the inflation rate in Nigeria. Also, recommended is the need for the monetary authorities to focus more on ways to improve food production by improving security.
CONTAGIOUS INVESTOR SENTIMENTS AND THEIR VOLATILITIES
Author(s): Askar Koshoev / Language(s): English
/ Issue: 1/2022
Keywords: Investor sentiments; International stock markets; Sentiments Spillover; Sentiments contagion;
This study examines the cross-country relationships of investor sentiments. Discoveries of linkages across fourteen developed and emerging markets provide evidence of interdependencies. Employing CCI as a proxy for investor sentiments and ARIMA-EGARCH models, this study has successfully captured multiple instances of spillover of sentiments and volatilities. The results suggest that most markets have at least one-directional association with another market by either spreading or being exposed to investor sentiments. Moreover, the division of the sample into pre and post-global crisis periods suggests that the sentiments are becoming more contagious as technologies advance, leading to further integration between the markets.
Whenever Indian Economy had to tackle significant inflationary pressure, Securities Exchange Board of India (SEBI), which is the apex regulator of capital and commodity markets, has time and again resorted to stop the trade in futures of essential agricultural commodities while allowing trade in futures of essential energy commodities. SEBI has justified the step on the grounds that, doing so prevents volatility in agricultural spot market. Our study tries to analyze the nature of correction in the two segments with the help of vector error correction model in the backdrop of inflationary and non-inflationary periods. In energy segment, among select commodities, the speed of error correction was 1 to 2 days more as compared to non-inflationary period. With regards to commercial agricultural segment, the rate of error correction among select commodities was 4 to 7 days more as compared to non-inflationary period. Given the underdeveloped nature of agricultural futures market, SEBI’s action seems bit too stringent. Although prior studies have been undertaken about Indian spot and derivative markets, empirical studies which have focused on analyzing economic rationale of SEBI’s decision of restricting trade in agricultural futures during inflation are scarce. Our study tries to bridge the gap regarding the same.
This study analyses existing literature about investor behavior around news announcements. We use bibliometric analysis to explore the evolution and development in this theme. We analyze 815 research articles collected from Scopus database from 1992 to 2021 through bibliometric measurements and social networks using Vosviewer. We find that the number of studies examining investor behavior in response to news announcements has been steadily increasing over time, particularly since 2008. Further, the study highlighted influential authors, countries, institutions, impactful journals, and top articles in this theme. To identify the research gap to propose agenda for future research, the study conducted clustering and factor analysis of main studies and themes in this literature. Majority of the studies has focused on the impact of news announcements on stock market and individual investor sentiment, particularly herd behavior of investors. Even though many researchers tried to investigate different aspects of investor behavior around corporate and macroeconomic news announcements, to the best of our knowledge, no studies have been conducted to evaluate the performance and trends in this theme. This study significantly contributes to the financial literature dedicated to news announcements by analyzing the trend and pattern of publication in this theme and helping researchers and other participants in the financial market to get insight in this theme and to conduct future studies.
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