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This paper investigated the dynamics between trade openness and energy consumption in five members of the Association of Southeast Asian Nations (ASEAN) and three East Asian countries from 1980 to 2014. Previous theoretical discussions... more
This paper investigated the dynamics between trade openness and energy consumption in five members of the Association of Southeast Asian Nations (ASEAN) and three East Asian countries from 1980 to 2014. Previous theoretical discussions and empirical findings pointed out that trade openness had ambiguous effects on energy consumption. A panel dataset involving energy consumption per capita, trade openness, real gross domestic product per capita, gross fixed capital formation per capita and foreign direct investment was estimated. The Lagrange multiplier (LM) cross-sectional dependence test confirms the existence of cross-sectional dependence among the cross-sectional units. Moreover, the Westerlund cointegration test showed that the variables were not cointegrated. Hence, the dynamics among the variables were explored using the panel vector autoregressive method. The results suggested that there is a unidirectional Granger causality from trade openness to energy consumption. Further,...
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ABSTRACT
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The level of international reserves could influence the monetary independence of a country. Nonetheless, this relationship is usually estimated in a single structural equation. This article examines the dynamics from a shock in a partial... more
The level of international reserves could influence the monetary independence of a country. Nonetheless, this relationship is usually estimated in a single structural equation. This article examines the dynamics from a shock in a partial sum of negative and positive changes in the international reserves on monetary independence in 17 emerging countries from 1991 to 2015 by applying the panel vector regressive estimation. The Granger causality analysis indicates that a decline in the international reserve has a unidirectional impact on monetary independence. The impulse response analysis shows that the monetary independence moves in the same direction immediately after a change in the international reserves. The impact reverses a year later before returning to its initial trend. Besides, the negative partial sum of international reserves has a more lingering effect on monetary independence. Otherwise, the variance decomposition analysis suggests that the monetary independence movemen...
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Oil prices are expected to negatively affect the value of an oil-importing country's currency. Nonetheless, there have been few attempts to examine this claim using different quantiles of exchange rate. Examining the data from January... more
Oil prices are expected to negatively affect the value of an oil-importing country's currency. Nonetheless, there have been few attempts to examine this claim using different quantiles of exchange rate. Examining the data from January 2000 to October 2017, this study focuses on the large appreciation and depreciation exchange rate, which are represented by the extreme quantiles. Breusch-Pagan heteroscedasticity results have shown using quantile regression to be an appropriate approach to understanding oil price and currency value. The findings conclude that the oil prices only depreciate the Thailand exchange rate in the cases of large appreciation, and this is explained the argument that the extreme large appreciation of exchange will be more sensitive to fundamental financial variables, including world oil prices. The outputs also reject previous findings that oil prices do not have any impact on Thailand's exchange rate, which is a finding that provides more justification...
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This paper investigates the nonlinear effect of institutional quality on the holding of international reserves by applying the two-step system generalized method of moments on data consisting of 67 countries from 1996 to 2016. The... more
This paper investigates the nonlinear effect of institutional quality on the holding of international reserves by applying the two-step system generalized method of moments on data consisting of 67 countries from 1996 to 2016. The hypothesis is that the association between institutional quality and international reserves has an inverted U pattern. The coefficient sign of the institutional quality and its square term supports the hypothesis. Besides, the marginal effects suggest that the higher the institutional quality index, the lower the demand for reserves. The outputs indicate the importance of good institutional quality in reducing the overdependence on international reserves.
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This paper examines the relationship between financial access and economic empowerment among females, i.e., female labour force participation by testing a panel data of 51 countries ranging from 2004 to 2016. The number of bank branches... more
This paper examines the relationship between financial access and economic empowerment among females, i.e., female labour force participation by testing a panel data of 51 countries ranging from 2004 to 2016. The number of bank branches and automated teller machines, both in thousand square feet and a hundred thousand adults, are applied as financial access indicators. The estimation method employed is the dynamic panel system generalized method of moment estimators. The control variables in the equation are the life expectancy, gross domestic product per capita, and female education enrolment. The results showed that bank branches have more noticeable impacts than automated teller machines in affecting the female labour force participation rate, implying that bank branches' services have a more substantial influence on women empowerment than automated teller machines. Furthermore, financial access indicators show a negative association with female labour force participation, pr...
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This paper estimates the cointegration between population ageing and inflation in Japan using the augmented autoregressive distributed lag model. The method provides a complete indication of cointegration and avoids false conclusions from... more
This paper estimates the cointegration between population ageing and inflation in Japan using the augmented autoregressive distributed lag model. The method provides a complete indication of cointegration and avoids false conclusions from a unit root test. Moreover, the transmission channel from ageing to the price level is investigated using the pairwise Granger causality. Based on the annual data from 1961 to 2018, a cointegration relationship is found, and the deflationary effect of ageing in Japan is confirmed. Additionally, the young dependency ratio inflates the price level in Japan. Lastly, ageing influences the price level via its impact on the labour supply.
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ABSTRACT The inflation rate has ambiguous effects on income inequality, implying that the effects could be affected by another variable. This paper examines the implication of institutional quality on the relationship between inflation... more
ABSTRACT The inflation rate has ambiguous effects on income inequality, implying that the effects could be affected by another variable. This paper examines the implication of institutional quality on the relationship between inflation and income inequality. The two-step system generalized method of moment is applied to the unbalanced panel dataset which consists of 4-year non-overlapping average data from 1987 to 2014 for 65 developed and developing countries. The coefficients of inflation and institutional quality indicate that an increase in inflation will worsen income inequality, while better institutional quality will improve income inequality. Meanwhile, the effect of inflation will be mitigated by better institutional quality, suggesting the existence of a mediating effect from institutional quality. On the other hand, the marginal effects suggest that inflation and institutional quality will reduce income inequality. Thus, policymakers are advised to improve the institutional quality as it has a direct as well as an indirect impact on income inequality via its interaction with inflation.