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Inflation Impact on the Primary Food Products - Emerging Trends and Determinants
Issue:
Volume 5, Issue 1, February 2017
Pages:
1-14
Received:
25 October 2016
Accepted:
11 November 2016
Published:
12 December 2016
Abstract: India and its average food inflation during the period 2006-2013 was one of the highest among emerging market economies, and nearly double the inflation witnessed in during the previous decade. Present paper, I analysed the trend and major drivers of inflation factors for the food inflation. Study is both descriptive and analytical and entirely based on secondary data obtained from different published sources, authenticated source have been chosen without any personal bias. Analyze the data, percentages, growth rate and compounded annual growth rate were used to examine the major drivers of inflation and Ordinary Least Square Method and Trend analysis was used to calculate year over year growth rate. I observed from the analysis of WPI of all commodities was highly variable during the study period due to decadal growth rate showed decreasing trend, population continued to increase and growth of per-capita income has also increased. Despite declines in monthly Per Capita Consumer Expenditure, expenditures on food had increased which indicates a higher demand food in both urban and rural areas. Finally, results suggest that government should take effective measures to reduce the population, new economic policy which increased the demand for variety of food products and increase the agriculture productivity with low cost inputs.
Abstract: India and its average food inflation during the period 2006-2013 was one of the highest among emerging market economies, and nearly double the inflation witnessed in during the previous decade. Present paper, I analysed the trend and major drivers of inflation factors for the food inflation. Study is both descriptive and analytical and entirely bas...
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Interest Rate Risk Management of Commercial Banks in Bangladesh Based on IS (Interest Sensitivity) GAP Analysis
Raad Mozib Lalon,
Md. Bazlul Kabir
Issue:
Volume 5, Issue 1, February 2017
Pages:
15-23
Received:
20 October 2016
Accepted:
2 November 2016
Published:
23 December 2016
Abstract: This paper on the interest rate risk management of a bank will provide a detailed picture of risk management of bank because it is one of the concerned factors for every bank. This study will also indicate any shortfall of bank in terms of interest rate risk management and offer suitable recommendations. Interest rate risk is the exposure of a bank's financial condition to adverse movements in interest rates. Accepting this risk is a normal part of banking and can be an important source of profitability and shareholder value. However, excessive interest rate risk can pose a significant threat to a bank's earnings and capital base. Changes in interest rates affect a bank's earnings by changing its net interest income and the level of other interest sensitive income and operating expenses. Changes in interest rates also affect the underlying value of the bank's assets, liabilities, and off-balance-sheet (OBS) instruments because the present value of future cash flows (and in some cases, the cash flows themselves) change when interest rates change. Accordingly, an effective risk management process that maintains interest rate risk within prudent levels is essential to the safety and soundness of banks.
Abstract: This paper on the interest rate risk management of a bank will provide a detailed picture of risk management of bank because it is one of the concerned factors for every bank. This study will also indicate any shortfall of bank in terms of interest rate risk management and offer suitable recommendations. Interest rate risk is the exposure of a bank...
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An Integrated Strategy for Cost Optimization of Reverse Logistics Network Under Uncertain Environment
Yunzhi Ma,
Liyun Zhang,
Xianglin Lv,
Zhengying Cai
Issue:
Volume 5, Issue 1, February 2017
Pages:
24-33
Received:
19 October 2016
Accepted:
7 November 2016
Published:
29 December 2016
Abstract: In uncertain environment, it is very difficult to optimize both cost and performance in complex reverse logistics network. This paper develops an integrated strategy to solve the cost optimization problem in reverse logistics network. First, the integrated scheme is based on the fuzzy AHP, where the cost coefficient and the demand quantities are modeled as fuzzy numbers to measure different uncertain factors. Second, the linear programming is introduced for cost optimization to calculate the operational objective function of the reverse logistics network. Third, some experiments are made to verify the proposed model. According to different uncertain factors, the optimal cost strategy can be constructed for uncertain use demand. Last, some interesting conclusions are drawn on the proposed method for decision makers to optimize the cost of the reverse logistics network, and future work direction is also provided.
Abstract: In uncertain environment, it is very difficult to optimize both cost and performance in complex reverse logistics network. This paper develops an integrated strategy to solve the cost optimization problem in reverse logistics network. First, the integrated scheme is based on the fuzzy AHP, where the cost coefficient and the demand quantities are mo...
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Modelling the Behaviour of Government Spending and Economic Growth in Six ECOWAS Countries (1981-2013)
Issue:
Volume 5, Issue 1, February 2017
Pages:
34-56
Received:
12 August 2016
Accepted:
22 August 2016
Published:
4 January 2017
Abstract: This study examined the behaviour of government spending and economic growth in six ECOWAS countries using ARDL and UVAR-based modified granger non-causality approach. Secondary data covering1981-2013 were sourced on key variables from (WDIs) 2014 edition. The result of Johansen and ARDL bound test suggests a long run equilibrium relationship between government spending and economic growth in all the six countries. The result of the modified ARDL indicates that variables adjust to a long run equilibrium path after a short run deviation. The ECM coefficient is negatively signed and significant at 5 and even at 1 percent in line with a priori expectation. This provides strong support for the long run equilibrium relationship. However, the speed of adjustment to long run equilibrium path varies across the six countries. The causality test result suggests that bidirectional causality exists for Gambia, Cote d’Ivoire, Senegal and Burkina Faso while unidirectional causality running from economic growth to government spending was found for Nigeria and Ghana. There is no support for the feedback hypothesis. Policy makers in this region are enjoined to caution on the call for fiscal consolidation but rather consider the fiscal space alternative to advance the developing economies in this sub-region. The study therefore concluded that there is a cause-effect relationship between government spending among other variables and economic growth in the developing ECOWAS countries.
Abstract: This study examined the behaviour of government spending and economic growth in six ECOWAS countries using ARDL and UVAR-based modified granger non-causality approach. Secondary data covering1981-2013 were sourced on key variables from (WDIs) 2014 edition. The result of Johansen and ARDL bound test suggests a long run equilibrium relationship betwe...
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The Determinants of Tax Avoidance within Corporate Groups: Evidence from Moroccan Groups
Dayday Anouar,
Zaam Houria
Issue:
Volume 5, Issue 1, February 2017
Pages:
57-65
Received:
3 December 2016
Accepted:
15 December 2016
Published:
9 January 2017
Abstract: This paper examines the major tax avoidance determinants within the corporate groups, based on a hand-collected sample of 45 publicly-listed Moroccan corporate groups, over the 2011–2015 period. The literature review indicate that there are several practices of Moroccan corporate groups, used to reduce their tax liabilities, specially, we find, Group size, Intra-group transactions, Profitability, Intangible Assets, Debts, and Multinationality. Finally, our regression results show that only the multinationality, intra-group transactions and Debts are used to maximize tax avoidance opportunities, therefore to reduce the group’s tax liabilities.
Abstract: This paper examines the major tax avoidance determinants within the corporate groups, based on a hand-collected sample of 45 publicly-listed Moroccan corporate groups, over the 2011–2015 period. The literature review indicate that there are several practices of Moroccan corporate groups, used to reduce their tax liabilities, specially, we find, Gro...
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Financial Deepening Implications for Macro-economic Volatility and Economic Growth in Nigeria, A Multivariate Approach
Anuli Regina Ogbuagu,
Dennis Brown Ewubare
Issue:
Volume 5, Issue 1, February 2017
Pages:
66-80
Received:
15 November 2016
Accepted:
1 December 2016
Published:
12 January 2017
Abstract: This paper investigates the relationship between financial depth, macroeconomic volatility, and economic growth in Nigeria using a general model of error correction and causality model with time series sourced from Central Bank of Nigeria Bulletin 2012. The result shows a long-run impact of financial deepening on exchange rate volatility and economic growth while the error correction term indicates that there is no long-run impact of financial depth on growth volatility. On one hand, there is no short run impact of financial depth on exchange rate and growth volatility though most of the financial deepening variables show signs of dampening the volatility of exchange rate and growth. On the other hand, the error correction result suggests that there is a long-run and short-run impact of financial deepening on economic growth. The causality result showed no causality between financial deepening variable, economic growth, and growth volatility but a unidirectional causality between exchange rate volatility, stock traded, stock market capitalization, and broad money. We therefore, suggest that government and policy makers to embrace policies that will deepen financial services in Nigeria.
Abstract: This paper investigates the relationship between financial depth, macroeconomic volatility, and economic growth in Nigeria using a general model of error correction and causality model with time series sourced from Central Bank of Nigeria Bulletin 2012. The result shows a long-run impact of financial deepening on exchange rate volatility and econom...
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