In recent years, progress in digitalisation and foreign direct investment has caused many structu... more In recent years, progress in digitalisation and foreign direct investment has caused many structural changes, reorganisation in economics, rising productivity, globalisation, and increasing trade or international investment flows, which have led to increased capital flows and information availability. Therefore, this research investigated the impact of digitalisation and foreign direct investment on economic growth in developed countries. Panel data analysis was applied to data of 16 developed countries, from 2006 until 2019. The findings show that digitalisation - presented by mobile cellular and internet users - and foreign direct investment positively impacted economic growth, thus they strongly contribute to advancing the economy and increasing welfare. Therefore, developed countries have been learning about the critical role of technology and capital, as stated by economists over several decades, and developing countries can copy their policies into their own economic strategies.
The stock market is very important in the country's economy, namely as a source of corporate ... more The stock market is very important in the country's economy, namely as a source of corporate funding and especially in investments that have the aim of increasing the welfare of investors and companies. The purpose of this study is to analyze the effect of the rate of return on carbon costs, Brent crude oil, palm oil, interest rates, and exchange rates on the rate of return on energy stock prices in Asia-Pacific countries from 1st January 2016 to end of December 2021. In this study, the phenomena were explored utilizing quantitative approaches to collect data and test previously determined hypotheses. The panel data model is used, as well as the VECM (Vector Error Correlation Model) test. The results show that the influence of CO2 return on energy sector returns is negative in the short term but positive in the long term. Return on energy industry and return on Brent oil have both short-term and long-term unfavorable effects. The return of the use of palm oil has an advantageous...
The objective of the present paper is to address the question whether the less developed states, ... more The objective of the present paper is to address the question whether the less developed states, namely; Kedah, Kelantan, Pahang, Perlis, Sabah, Sarawak and Terengganu are catching-up with the more richer state of Selangor. In this study, we determine the time required for the less developed states to converge to the level of economic development of a richer state, Selangor. In terms of real GDP, the less developed states will take longer to converge to the state of Selangor, however, in terms of per capita real GDP, the less developed states can converge at a faster rate to the level of economic development of Selangor if these states can grow more than double than the growth in Selangor. In this respect, the state government has an important role to play in enhancing growth by continuously providing stable economic environment for investment and other productive economic activities. This will ensure full convergence can take place at a faster rate in the future
Purpose The persistent increase in household indebtedness is an alarming issue that is becoming a... more Purpose The persistent increase in household indebtedness is an alarming issue that is becoming a major concern for economists and governments in developing nations. Although household consumption is an essential source of economic growth, households’ failure to meet their financial obligations will be one of the causes of economic problems if the increase in consumption is largely financed by household borrowing. Therefore, this study aims to analyse the nexus between households’ indebtedness and consumption and the roles of household characteristics. Design/methodology/approach This study uses a microdata set of the Household Expenditure and Income Survey in 2019, which contained a simple random sampling of 4,730 households. Findings Using a simultaneous equations model, our results show a negative nexus between households’ consumption and their indebtedness. We find that household savings and size have an indirect impact on the debt service ratio, while the assets and total debt ...
Madura as one of islands in Indonesia that has a lot of potential for environmental tourism is ve... more Madura as one of islands in Indonesia that has a lot of potential for environmental tourism is very beautiful and has island with the cleanest air in the world, but it is still not touched by the (central) government policy to propose Madura as tourist destination in cooperation with UNWTO or other tourism institutions. The main target of this research is cooperation with Malaysia and the creation of policy models that can be used as policy role models in 4 (four) regencies in Madura (Bangkalan, Sampang, Pamekasan and Sumenep) in the tourism sector, because data from the Labour Agency showed that every year thousands of Madurese workers leave to work in Malaysia. This study used qualitative methods with analytical techniques based on literature review through primary data about existing policies in the region and secondary data that has been available in various literatures, books, journals and website searches. This study also used humanist-pluralism perspective, international orga...
Livelihood in river settings may appear simple, but upon closer examination, it is multifaceted a... more Livelihood in river settings may appear simple, but upon closer examination, it is multifaceted and dynamic. The elements of uncertainty in sustaining a satisfactory livelihood are always present. The concept of resilience is about individuals, households or groups making a living and attempting to satisfy their consumption and economic necessities, surviving with uncertainties and responding to new opportunities. The earlier approaches in livelihood studies regarded poor people as inactive or passive victims. However, the trend has changed with greater interest to study on the survival strategies of the poor. In particular, consideration is given to the living experiences of households and the community. The objective of this study is to apply the concept of resilience as a diagnostic approach to the understanding of rural communities’ livelihoods. The analysis highlights the resilience aspects of the rural community and their livelihood strategies for comfortable living.
The objective of this research is to study the benefits of mutual funds for providing diversifica... more The objective of this research is to study the benefits of mutual funds for providing diversification in investment portfolios for domestic and international investors. Specifically, this research investigates the influence of the mutual fund characteristics and monetary environment on performance, and the ability of fund managers in making good decisions. This research uses information from a sample of 420 mutual funds for the period 2000(M1) 2012(M6). This research applies regression analysis for panel data. In this study, the characteristics are divided by one category, geography. Mutual funds are divided geographically into domestic, international, Asia Pacific and Global. Monetary environments are divided into restrictive and expansive monetary environments. The market benchmarks are the Malaysia Gold Shariah Price Index and the KLSE Composite Index for Islamic mutual funds and conventional mutual funds. The results indicate that the performance of all funds are lower than the ...
Journal of Applied Research in Higher Education, 2021
PurposeThis study examined the economic and social impact of Malaysian universities on their comm... more PurposeThis study examined the economic and social impact of Malaysian universities on their communities from stakeholders' perspectives. It analysed whether university stakeholders' spending, human capital (HC) and knowledge exploration (KE) will impact aggregate income (AI), quality of life (QOL) and business growth (BG) in surrounding communities.Design/methodology/approachA survey was conducted among 540 university stakeholders from the southern, northern and eastern regions of Malaysia, representing the alumni, community and industry. Data were subjected to factor analysis using structural equation modelling (SEM).FindingsResults showed that universities impacted communities' economic development and wellbeing, thereby fulfilling their community-related role.Originality/valueThis study addressed universities' role in communities' economic growth and social development. Universities' contributions towards communities can be improved through the proposed m...
This article presents data on digital adoption by enterprises in Malaysian industrial sectors dur... more This article presents data on digital adoption by enterprises in Malaysian industrial sectors during the COVID-19 pandemic. The data were collected during the periods of Conditional Movement Control Order (CMCO) and Recovery Movement Control Order (RMCO) from October 11 to December 31, 2020. Data collection was completed through an online questionnaire survey conducted among a sample of 432 enterprises from four industrial sectors, namely services, retail, manufacturing, and tourism, in all states in Malaysia. The sample was selected using cluster and systematic random sampling. The questionnaire asked respondents to state whether they used the Internet, computers, phones, web sites, e-payment, and e-commerce to complete their activities relating to finance, production and operations, human resource management, and marketing. The data were analysed using descriptive statistics and cross-tabulation. The data show the extent of digital adoption by Malaysian enterprises during the pandemic in comparison to the situation before the pandemic. The data may be of use to other similar researchers as comparison and to policy makers as guides in devising related policies.
The stock market has become a significant role in the economy and has attracted investor's at... more The stock market has become a significant role in the economy and has attracted investor's attention, as it is to generate funds and make an investment decision for companies and investors as well. Therefore, the objective of this study is to study the effect of the money supply, exchange rate, interest spread and stock market in the short and long run and volatility issue. The study employed monthly data, from January 1997 to August 2018. Method analysis is the Autoregressive distributed lag (ARDL) and GARCH model. The findings stated that the money supply, real effective exchange rate, interest spread, had a long-run effect on the performance of the stock market. Money supply and the real effective exchange rate had a positive effect on the stock market performance in the short run. Conversely, the interest spread showed a negative influent on the stock market performance in the short run. The volatility indicated a high persistence between the money supply, real effective exc...
Journal of International Commerce, Economics and Policy, 2019
An overwhelming increase in household debt in the last decade has stirred researchers to explore ... more An overwhelming increase in household debt in the last decade has stirred researchers to explore the determinants of this phenomena, especially the role of the labor market. This paper comes to identify these determinants using the macro panel data from Asia Pacific countries for 1994–2016 and dynamic heterogeneous panel data analysis. The empirical results found that household consumption, housing price index, and labor force have a long-run positive relationship with household debt. In contrast, the unemployment rate and dependency ratio have a long-run negative relationship with household debt. This implies that when consumption, housing price, and labor force increase, then the household debt will increase, and when the unemployment rate and dependency ratio increase, the household debt will decrease. Also, in the short-run, public debt does affect private consumption, and it is not different among countries. The labor market, as represented by the unemployment rate, dependency ...
Risk Governance and Control: Financial Markets & Institutions, 2017
The objective of this research is to develop a financial system stability index and analyze the i... more The objective of this research is to develop a financial system stability index and analyze the internal and external factors that we expect to affect the stability of the Indonesian financial system. We measured the single model of financial system stability index (FSSI) from year 2004M03 to2014M09 in Indonesia, and compiled a single quantitative measure based on aggregate internal factors and external factors to capture and predict the shocks of the financial system stability. Stability parameters were composed of composite indicators on different bases. In addition, we developed a comprehensive index component associated with the relevant market conditions, including banking soundness index, financial vulnerability index, and regional economic climate index. Results stated that US economic growth and economic growth of ASEAN countries positively affected financial stability. In addition, current account, exchange rate, inflation, interest rate were shown to negatively affect fina...
Financial Reform in Central and Eastern Europe, 1995
This chapter consists of four sections. Following this Introduction section II shows the transiti... more This chapter consists of four sections. Following this Introduction section II shows the transition process from a socialist to market economy in Poland, which is analysed as having proceeded in the three following areas: macroeconomic stabilisation, institutional changes, microeconomic restructuring of production capacity.
In recent years, progress in digitalisation and foreign direct investment has caused many structu... more In recent years, progress in digitalisation and foreign direct investment has caused many structural changes, reorganisation in economics, rising productivity, globalisation, and increasing trade or international investment flows, which have led to increased capital flows and information availability. Therefore, this research investigated the impact of digitalisation and foreign direct investment on economic growth in developed countries. Panel data analysis was applied to data of 16 developed countries, from 2006 until 2019. The findings show that digitalisation - presented by mobile cellular and internet users - and foreign direct investment positively impacted economic growth, thus they strongly contribute to advancing the economy and increasing welfare. Therefore, developed countries have been learning about the critical role of technology and capital, as stated by economists over several decades, and developing countries can copy their policies into their own economic strategies.
The stock market is very important in the country's economy, namely as a source of corporate ... more The stock market is very important in the country's economy, namely as a source of corporate funding and especially in investments that have the aim of increasing the welfare of investors and companies. The purpose of this study is to analyze the effect of the rate of return on carbon costs, Brent crude oil, palm oil, interest rates, and exchange rates on the rate of return on energy stock prices in Asia-Pacific countries from 1st January 2016 to end of December 2021. In this study, the phenomena were explored utilizing quantitative approaches to collect data and test previously determined hypotheses. The panel data model is used, as well as the VECM (Vector Error Correlation Model) test. The results show that the influence of CO2 return on energy sector returns is negative in the short term but positive in the long term. Return on energy industry and return on Brent oil have both short-term and long-term unfavorable effects. The return of the use of palm oil has an advantageous...
The objective of the present paper is to address the question whether the less developed states, ... more The objective of the present paper is to address the question whether the less developed states, namely; Kedah, Kelantan, Pahang, Perlis, Sabah, Sarawak and Terengganu are catching-up with the more richer state of Selangor. In this study, we determine the time required for the less developed states to converge to the level of economic development of a richer state, Selangor. In terms of real GDP, the less developed states will take longer to converge to the state of Selangor, however, in terms of per capita real GDP, the less developed states can converge at a faster rate to the level of economic development of Selangor if these states can grow more than double than the growth in Selangor. In this respect, the state government has an important role to play in enhancing growth by continuously providing stable economic environment for investment and other productive economic activities. This will ensure full convergence can take place at a faster rate in the future
Purpose The persistent increase in household indebtedness is an alarming issue that is becoming a... more Purpose The persistent increase in household indebtedness is an alarming issue that is becoming a major concern for economists and governments in developing nations. Although household consumption is an essential source of economic growth, households’ failure to meet their financial obligations will be one of the causes of economic problems if the increase in consumption is largely financed by household borrowing. Therefore, this study aims to analyse the nexus between households’ indebtedness and consumption and the roles of household characteristics. Design/methodology/approach This study uses a microdata set of the Household Expenditure and Income Survey in 2019, which contained a simple random sampling of 4,730 households. Findings Using a simultaneous equations model, our results show a negative nexus between households’ consumption and their indebtedness. We find that household savings and size have an indirect impact on the debt service ratio, while the assets and total debt ...
Madura as one of islands in Indonesia that has a lot of potential for environmental tourism is ve... more Madura as one of islands in Indonesia that has a lot of potential for environmental tourism is very beautiful and has island with the cleanest air in the world, but it is still not touched by the (central) government policy to propose Madura as tourist destination in cooperation with UNWTO or other tourism institutions. The main target of this research is cooperation with Malaysia and the creation of policy models that can be used as policy role models in 4 (four) regencies in Madura (Bangkalan, Sampang, Pamekasan and Sumenep) in the tourism sector, because data from the Labour Agency showed that every year thousands of Madurese workers leave to work in Malaysia. This study used qualitative methods with analytical techniques based on literature review through primary data about existing policies in the region and secondary data that has been available in various literatures, books, journals and website searches. This study also used humanist-pluralism perspective, international orga...
Livelihood in river settings may appear simple, but upon closer examination, it is multifaceted a... more Livelihood in river settings may appear simple, but upon closer examination, it is multifaceted and dynamic. The elements of uncertainty in sustaining a satisfactory livelihood are always present. The concept of resilience is about individuals, households or groups making a living and attempting to satisfy their consumption and economic necessities, surviving with uncertainties and responding to new opportunities. The earlier approaches in livelihood studies regarded poor people as inactive or passive victims. However, the trend has changed with greater interest to study on the survival strategies of the poor. In particular, consideration is given to the living experiences of households and the community. The objective of this study is to apply the concept of resilience as a diagnostic approach to the understanding of rural communities’ livelihoods. The analysis highlights the resilience aspects of the rural community and their livelihood strategies for comfortable living.
The objective of this research is to study the benefits of mutual funds for providing diversifica... more The objective of this research is to study the benefits of mutual funds for providing diversification in investment portfolios for domestic and international investors. Specifically, this research investigates the influence of the mutual fund characteristics and monetary environment on performance, and the ability of fund managers in making good decisions. This research uses information from a sample of 420 mutual funds for the period 2000(M1) 2012(M6). This research applies regression analysis for panel data. In this study, the characteristics are divided by one category, geography. Mutual funds are divided geographically into domestic, international, Asia Pacific and Global. Monetary environments are divided into restrictive and expansive monetary environments. The market benchmarks are the Malaysia Gold Shariah Price Index and the KLSE Composite Index for Islamic mutual funds and conventional mutual funds. The results indicate that the performance of all funds are lower than the ...
Journal of Applied Research in Higher Education, 2021
PurposeThis study examined the economic and social impact of Malaysian universities on their comm... more PurposeThis study examined the economic and social impact of Malaysian universities on their communities from stakeholders' perspectives. It analysed whether university stakeholders' spending, human capital (HC) and knowledge exploration (KE) will impact aggregate income (AI), quality of life (QOL) and business growth (BG) in surrounding communities.Design/methodology/approachA survey was conducted among 540 university stakeholders from the southern, northern and eastern regions of Malaysia, representing the alumni, community and industry. Data were subjected to factor analysis using structural equation modelling (SEM).FindingsResults showed that universities impacted communities' economic development and wellbeing, thereby fulfilling their community-related role.Originality/valueThis study addressed universities' role in communities' economic growth and social development. Universities' contributions towards communities can be improved through the proposed m...
This article presents data on digital adoption by enterprises in Malaysian industrial sectors dur... more This article presents data on digital adoption by enterprises in Malaysian industrial sectors during the COVID-19 pandemic. The data were collected during the periods of Conditional Movement Control Order (CMCO) and Recovery Movement Control Order (RMCO) from October 11 to December 31, 2020. Data collection was completed through an online questionnaire survey conducted among a sample of 432 enterprises from four industrial sectors, namely services, retail, manufacturing, and tourism, in all states in Malaysia. The sample was selected using cluster and systematic random sampling. The questionnaire asked respondents to state whether they used the Internet, computers, phones, web sites, e-payment, and e-commerce to complete their activities relating to finance, production and operations, human resource management, and marketing. The data were analysed using descriptive statistics and cross-tabulation. The data show the extent of digital adoption by Malaysian enterprises during the pandemic in comparison to the situation before the pandemic. The data may be of use to other similar researchers as comparison and to policy makers as guides in devising related policies.
The stock market has become a significant role in the economy and has attracted investor's at... more The stock market has become a significant role in the economy and has attracted investor's attention, as it is to generate funds and make an investment decision for companies and investors as well. Therefore, the objective of this study is to study the effect of the money supply, exchange rate, interest spread and stock market in the short and long run and volatility issue. The study employed monthly data, from January 1997 to August 2018. Method analysis is the Autoregressive distributed lag (ARDL) and GARCH model. The findings stated that the money supply, real effective exchange rate, interest spread, had a long-run effect on the performance of the stock market. Money supply and the real effective exchange rate had a positive effect on the stock market performance in the short run. Conversely, the interest spread showed a negative influent on the stock market performance in the short run. The volatility indicated a high persistence between the money supply, real effective exc...
Journal of International Commerce, Economics and Policy, 2019
An overwhelming increase in household debt in the last decade has stirred researchers to explore ... more An overwhelming increase in household debt in the last decade has stirred researchers to explore the determinants of this phenomena, especially the role of the labor market. This paper comes to identify these determinants using the macro panel data from Asia Pacific countries for 1994–2016 and dynamic heterogeneous panel data analysis. The empirical results found that household consumption, housing price index, and labor force have a long-run positive relationship with household debt. In contrast, the unemployment rate and dependency ratio have a long-run negative relationship with household debt. This implies that when consumption, housing price, and labor force increase, then the household debt will increase, and when the unemployment rate and dependency ratio increase, the household debt will decrease. Also, in the short-run, public debt does affect private consumption, and it is not different among countries. The labor market, as represented by the unemployment rate, dependency ...
Risk Governance and Control: Financial Markets & Institutions, 2017
The objective of this research is to develop a financial system stability index and analyze the i... more The objective of this research is to develop a financial system stability index and analyze the internal and external factors that we expect to affect the stability of the Indonesian financial system. We measured the single model of financial system stability index (FSSI) from year 2004M03 to2014M09 in Indonesia, and compiled a single quantitative measure based on aggregate internal factors and external factors to capture and predict the shocks of the financial system stability. Stability parameters were composed of composite indicators on different bases. In addition, we developed a comprehensive index component associated with the relevant market conditions, including banking soundness index, financial vulnerability index, and regional economic climate index. Results stated that US economic growth and economic growth of ASEAN countries positively affected financial stability. In addition, current account, exchange rate, inflation, interest rate were shown to negatively affect fina...
Financial Reform in Central and Eastern Europe, 1995
This chapter consists of four sections. Following this Introduction section II shows the transiti... more This chapter consists of four sections. Following this Introduction section II shows the transition process from a socialist to market economy in Poland, which is analysed as having proceeded in the three following areas: macroeconomic stabilisation, institutional changes, microeconomic restructuring of production capacity.
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