This research paper investigates the effect of macroeconomic variables on the exchange rate USD/CYN using yearly time series data for China economy from 1980 to 2017.ARDL bounds test approach for cointegration is appl...This research paper investigates the effect of macroeconomic variables on the exchange rate USD/CYN using yearly time series data for China economy from 1980 to 2017.ARDL bounds test approach for cointegration is applied to test the long-run relation between the dependent and the independent variables.The results of long-run ARDL indicate that gross domestic product growth and trade openness have a positive effect on the exchange rate USD/CNY while interest and inflation rates have a negative effect on the exchange rate.Based on the results of this study,it is recommended that the policymakers of the Chinese government should implement vital monetary and fiscal policies to determine the less volatile and productive exchange rate for China to manage sustainable economic growth for a long time with its trading partners.展开更多
When we consider the factors affecting the stock market,we often consider the impact of macroeconomic factors on it.On the basis of the academic achievements of predecessor scholars on macroscopic factors affecting th...When we consider the factors affecting the stock market,we often consider the impact of macroeconomic factors on it.On the basis of the academic achievements of predecessor scholars on macroscopic factors affecting the overall stocks,this article selects six macroeconomic influencing factors:money supply,USDCNY exchange rate,GDP,national fiscal revenue,price index and interest rate,and uses PAC regression analysis method to construct a regression model.Analyze the influencing factors of Shanghai Pudong Development Bank stock;then conduct heteroscedasticity,autocorrelation,and multicollinearity tests to modify and adjust the regression model;finally,make relevant recommendations based on the analysis results.展开更多
We examine the relationship between return and volatility of the stock markets and macroeconomic fundamentals for the G-7 countries by using monthly data ranging from July 1985 to June 2015. To meet this end, we apply...We examine the relationship between return and volatility of the stock markets and macroeconomic fundamentals for the G-7 countries by using monthly data ranging from July 1985 to June 2015. To meet this end, we apply the spillover index approach based on the generalized VAR framework developed by Diebold and Yilmaz (2012, 2014). The empirical analysis shows strong interactions between the returns and volatilities of the G-7 stock markets and the considered set of corresponding macroeconomic factors including industrial production, money supply, interest rates, inflation, oil prices and exchange rates. The return and volatility spillover transmission/reception dynamics of the relationships between these stock markets and the macroeconomic fundamentals have changed after the global financial crisis of 2008. Our findings provide useful insights for investors and policy makers concerned with the unprecedented swings in the stock markets of G-7 countries.展开更多
The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statist...The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statistically and economically significant effect on rate of return of securities for a given time through the application of the ARDL approach to cointegration when the variables are mixed degrees of integration in cointegrated time series, i.e. I（0） and I（1）. This results in a long-run or a short-run relationship between macroeconomic force acting for a given time affecting 24 quarterly rates of return for listed companies in Information and Communication Technologies OCT） sector of Stock Exchange of Thailand （SET）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI）, Philippine Stock Exchange （PSE）, and Jakarta Composite Index （JKSE） （Indonesia）. The impulses of three ASEAN macroeconomic forces---GDPt, EXt, and INTt acting for a given time influence the earnings of selected 23 1CT returns for listed companies on both domestic investments and outsider investments in the same period. This paper has investigated how other-concerning macroeconomic force acting might interrelate with rate of return of securities in the ICT sector, debt and financial innovations, in line with some significant formalized facts. The funding of capital inflow in part of ICT securities was statistically globally significant to recognize significant achievement in ICT specific pathways to distinction as the science of accomplishment. The public sector performing as a key purchaser of ICT security solutions related to integrate the ASEAN exchange members into modern capitalization can lead to adverse effects, such as risky investment-hub interventions due to the mixing financial systems in three ASEAN regional integrations through investments.展开更多
This paper aims to examine the challenges posed to the global banking environment with the advent of phenomenal growth in Islamic banking and the changing macroeconomic environment. The paper reviews different approac...This paper aims to examine the challenges posed to the global banking environment with the advent of phenomenal growth in Islamic banking and the changing macroeconomic environment. The paper reviews different approaches to analyze the banking sector performance and the success or failure thereof. The paper also identifies the main factors affecting banking sector performance and their relative impact on the overall stability and resilience of banks. The approach of this paper is more judiciously diagnostic and synthesizing in nature. The paper covers significant studies undertaken in banking sector and synthesizes the nature of elements used to predict the predilection status of Islamic and conventional commercial banks. The findings suggest that return on equity （ROE） and weighted capital adequacy ratio （WCAR） are the most important bank-specific factors that may be used to analyze bank＇s performance. The findings also suggest that not only bank-specific but macroeconomic factors also play an important role in determining a bank＇s performance in an economy, though the effect is usually widespread. Amongst macroeconomic factors, GDP growth rate, inflation, and real interest rate are most common factors affecting bank performance. This research is different from other researches as it takes into consideration the methodological, aeon and acclimatization perspective. Most researches do not see Islamic banking as a challenge to conventional commercial banking and the banking sector in general. The paper not only reviews Islamic banking as a major element of change in the overall banking environment but also as a potential intimidator to the conventional banking stream.展开更多
文摘This research paper investigates the effect of macroeconomic variables on the exchange rate USD/CYN using yearly time series data for China economy from 1980 to 2017.ARDL bounds test approach for cointegration is applied to test the long-run relation between the dependent and the independent variables.The results of long-run ARDL indicate that gross domestic product growth and trade openness have a positive effect on the exchange rate USD/CNY while interest and inflation rates have a negative effect on the exchange rate.Based on the results of this study,it is recommended that the policymakers of the Chinese government should implement vital monetary and fiscal policies to determine the less volatile and productive exchange rate for China to manage sustainable economic growth for a long time with its trading partners.
文摘When we consider the factors affecting the stock market,we often consider the impact of macroeconomic factors on it.On the basis of the academic achievements of predecessor scholars on macroscopic factors affecting the overall stocks,this article selects six macroeconomic influencing factors:money supply,USDCNY exchange rate,GDP,national fiscal revenue,price index and interest rate,and uses PAC regression analysis method to construct a regression model.Analyze the influencing factors of Shanghai Pudong Development Bank stock;then conduct heteroscedasticity,autocorrelation,and multicollinearity tests to modify and adjust the regression model;finally,make relevant recommendations based on the analysis results.
文摘We examine the relationship between return and volatility of the stock markets and macroeconomic fundamentals for the G-7 countries by using monthly data ranging from July 1985 to June 2015. To meet this end, we apply the spillover index approach based on the generalized VAR framework developed by Diebold and Yilmaz (2012, 2014). The empirical analysis shows strong interactions between the returns and volatilities of the G-7 stock markets and the considered set of corresponding macroeconomic factors including industrial production, money supply, interest rates, inflation, oil prices and exchange rates. The return and volatility spillover transmission/reception dynamics of the relationships between these stock markets and the macroeconomic fundamentals have changed after the global financial crisis of 2008. Our findings provide useful insights for investors and policy makers concerned with the unprecedented swings in the stock markets of G-7 countries.
文摘The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statistically and economically significant effect on rate of return of securities for a given time through the application of the ARDL approach to cointegration when the variables are mixed degrees of integration in cointegrated time series, i.e. I（0） and I（1）. This results in a long-run or a short-run relationship between macroeconomic force acting for a given time affecting 24 quarterly rates of return for listed companies in Information and Communication Technologies OCT） sector of Stock Exchange of Thailand （SET）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI）, Philippine Stock Exchange （PSE）, and Jakarta Composite Index （JKSE） （Indonesia）. The impulses of three ASEAN macroeconomic forces---GDPt, EXt, and INTt acting for a given time influence the earnings of selected 23 1CT returns for listed companies on both domestic investments and outsider investments in the same period. This paper has investigated how other-concerning macroeconomic force acting might interrelate with rate of return of securities in the ICT sector, debt and financial innovations, in line with some significant formalized facts. The funding of capital inflow in part of ICT securities was statistically globally significant to recognize significant achievement in ICT specific pathways to distinction as the science of accomplishment. The public sector performing as a key purchaser of ICT security solutions related to integrate the ASEAN exchange members into modern capitalization can lead to adverse effects, such as risky investment-hub interventions due to the mixing financial systems in three ASEAN regional integrations through investments.
文摘This paper aims to examine the challenges posed to the global banking environment with the advent of phenomenal growth in Islamic banking and the changing macroeconomic environment. The paper reviews different approaches to analyze the banking sector performance and the success or failure thereof. The paper also identifies the main factors affecting banking sector performance and their relative impact on the overall stability and resilience of banks. The approach of this paper is more judiciously diagnostic and synthesizing in nature. The paper covers significant studies undertaken in banking sector and synthesizes the nature of elements used to predict the predilection status of Islamic and conventional commercial banks. The findings suggest that return on equity （ROE） and weighted capital adequacy ratio （WCAR） are the most important bank-specific factors that may be used to analyze bank＇s performance. The findings also suggest that not only bank-specific but macroeconomic factors also play an important role in determining a bank＇s performance in an economy, though the effect is usually widespread. Amongst macroeconomic factors, GDP growth rate, inflation, and real interest rate are most common factors affecting bank performance. This research is different from other researches as it takes into consideration the methodological, aeon and acclimatization perspective. Most researches do not see Islamic banking as a challenge to conventional commercial banking and the banking sector in general. The paper not only reviews Islamic banking as a major element of change in the overall banking environment but also as a potential intimidator to the conventional banking stream.
