19 articles in this issue
Emmanuel Anoruo,Vasudeva N.R. Murthy
This paper uses nonlinear unit root testing procedures to examine the issue of inflation convergence for the Central African Economic and Monetary Community (CEMAC) member states including Cameron, Central African Republic, Chad, Equatorial Guinea, Gabon ... see more
Cuneyt KILIC,YILMAZ BAYAR,Feyza ARICA
Reducing exchange rate and inflation, transaction costs and achieving the economic convergence among member countries are major causes of establishing a monetary union. This paper examines the effects of European Economic and Monetary Union on inflows of ... see more
Rafik Nazarian,Esmaeil Naderi,Nadiya Gandali Alikhani,Ashkan Amiri
This study is an attempt to review the theory and applications of autoregressive fractionally integrated moving average (ARFIMA) and fractionally integrated generalized autoregressive conditional heteroskedasticity (FIGARCH) models, mainly for the purpose... see more
Anthonia Taye Odeleye
The Central Bank of Nigeria’s (CBN) recent reform to consolidate the banking sector through drastic increase to #25billion as minimum capital base of any bank led to a remarkable reduction in the number of banks from 89 to 24 in 2005; changed their mode o... see more
Ferit KULA,Alper ASLAN
This paper re-examines the empirical validity of the hysteresis hypothesis in unemployment rates in terms of education level in Turkey with minimum Lagrange Multiplier (LM) unit root methodology. Our empirical findings indicate that the time series proper... see more
Rouetbi Emna,Mamoghli Chokri
The present paper introduces an enhanced liquidity adjusted intraday value at risk measure named the LIVaR applied to a sample of listed securities in an emerging market; namely the Tunis Stock Exchange (BVMT). Very specific econometric tools were used to... see more
Halim DABBOU,Ahmed SILEM
The aim of this paper is to analyze the role of the price limits system to secure the Tunisian stock market against the contagion by the current world-wide crisis. Initially, we try to show that the contagion observed in the Tunisian market is of psycholo... see more
Suat Teker,Hayri Tuzla,Aynur Pala
Transition economies in Asian and European region have been showing a great performance and attracting large sum of foreign direct investments in recent years. Although the foreign direct investments totaled only 500 million USD in 1992 for all these tran... see more
Shaen Corbet
This research examines the effects of sovereign downgrades on European financial markets between 2005 and 2012. Vector Autoregression (VAR) techniques are used to investigate the presence of contagion effects after a sovereign downgrade across equity indi... see more
Nisar Ahmad
This study examines the extent state dependence among unemployed immigrants in a dynamic discrete choice framework. Three alternative methodologies are employed to control for the problem of the initial condition. The empirical findings show that there is... see more
Zhiyuan Pan,Xianchao Sun
Calculating accurately the optimal hedge ratio plays an important role in the futures market for both practitioners and academicians. In this paper, we combine copula and nonparametric technique, where marginal setting is modeled by nonparametric techniqu... see more
Mohamed Bouzahzah,Radouane BACHAR
In this paper, we measure, using Moroccan data, the misalignment of the real exchange rate of the Dirham, based on estimates in respect of the period from 1980 to 2012, a long term relationship between the real exchange rate and its fundamentals: namely t... see more
Nasfi Fkili Wahiba,Malek El Weriemmi
The objective of this work is to study the nature of the relationship between income inequality and economic growth in Tunisia. To do this, we started with a review of the literature. Then we conducted an empirical study on the Tunisian case over the peri... see more
Suresh K G,Neeraj Aswal
We have analysed the determinants of India’s manufactured exports to its southern (developing countries) and northern (developed countries) markets. We employed an augmented gravity model to examine the determinants of India’s exports. The analysis shows ... see more
Philip Kofi Adom,Kwaku Amakye,Edinam Doh,Regina Anku
With the introduction of the VAT Flat Rate Scheme, which brings on-board traders on whom the VAT record-keeping requirements would or might prove burdensome, concerns arise on the potential impact of the ‘VAT record keeping requirement’ on SME’s record ke... see more
Gaye Gencer,Erdem Kilic
The aim of this research is to expand the literature of market return volatility for the Istanbul Stock Exchange (ISE) sector indices by analyzing the conjoint impact of oil and gold returns and their volatilities. We use both aggregated and disaggregated... see more
Georgeta Vintila,Stefan Cristian Gherghina
The aim of this paper is to provide empirical evidence regarding the effect of insider ownership on firm value which stems from the lack of such study for the case of Romania. By using a sample of companies listed on the Bucharest Stock Exchange, over the... see more
Hafiz Imtiaz AHMAD,Pascal ALPHONSE,Michel LEVASSEUR
In terms of corporate valuation, the frequently used heuristics are Price Earnings or Price Earnings to Growth ratios. The development of a valuation model of type Abnormal Earnings Growth Model including modeling of expected rents evolution, conditions c... see more
This research constructs and develops a financial stress index based on European financial markets. The integration of numerous sovereign states has created difficulty identifying stress in any one single financial component, but incorporating twenty-thre... see more