The Economics and Finance Letters

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Online ISSN: 2312-430X
Print ISSN: 2312-6310
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No. 1

Central Bank Independence and Economic Growth of Ghana: What Inflation and GDP Per Capita Growth Rates Matter?

Pages: 104-116
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Central Bank Independence and Economic Growth of Ghana: What Inflation and GDP Per Capita Growth Rates Matter?

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DOI: 10.18488/journal.29.2021.81.104.116

Guoping Ding , Prince Asare Vitenu-Sackey

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Guoping Ding , Prince Asare Vitenu-Sackey (2021). Central Bank Independence and Economic Growth of Ghana: What Inflation and GDP Per Capita Growth Rates Matter?. The Economics and Finance Letters, 8(1): 104-116. DOI: 10.18488/journal.29.2021.81.104.116
The study analyzed data from the World Bank's World Development Indicators, Worldwide Governance Indicators, and Heritage Foundation's Monetary freedom index from 1996 to 2017 to determine the GDP per capita growth and inflation rates require total independence of the central bank of Ghana with threshold regression method. Per the analysis, it was observed that the impact of central bank independence is positively related to economic growth when the inflation threshold is less than 26.1% at a significance level of 5% with an elasticity coefficient of 0.07. On the other hand, when the inflation threshold is greater than or equal to 26.1% with an elasticity coefficient of 0.142 at a significance level of 1%, central bank independence is positively related to economic growth. Nonetheless, the GDP per capita (PPP) growth rate witnessed a decline from 5.8% in 2017 to 4.1% in 2018 and 4.0 in 2019, respectively. Evidently, the regression threshold was pegged at 5.8% or above to significantly impact economic growth when central bank independence is relatively improved. Furthermore, there is an inverse relationship between inflation variability, economic growth variability, and central bank independence. The earnest responsibility of politicians is to persistently safeguard, protect and ensure the implementation of central bank independence over time; perhaps the able requirement of government and politicians is to understand and explain ultimate reasons regarding the entrustment of power and authority to an independent monetary body to see to the well-being of forthcoming generations and present ones as well.
Contribution/ Originality
This study contributes to the existing literature but presents fresh evidence regarding the threshold analysis of inflation and GDP per capita in the central bank independence and economic growth nexus in Ghana. Moreover, the study on the backdrop of the political agency theory of central bank independence presents empirical analysis.

The New Pattern of Online Credit Loan in the Post-Epidemic Era

Pages: 92-103
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The New Pattern of Online Credit Loan in the Post-Epidemic Era

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DOI: 10.18488/journal.29.2021.81.92.103

Xiaozhun Peng , Chenchen Dong

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Xiaozhun Peng , Chenchen Dong (2021). The New Pattern of Online Credit Loan in the Post-Epidemic Era. The Economics and Finance Letters, 8(1): 92-103. DOI: 10.18488/journal.29.2021.81.92.103
This paper is one of the few studies that discusses the impacts and challenges of banking business, especially online credit loans (also known as Internet loans or consumption loans) from the aspects of social environment, economic development, public policy, and technological environment changes under the impact of COVID-19 epidemic. Based on authors’ years of experiences in banking industry, they find that online loan products are facing with numerous problems, such as unclear position of online loan products, management dilemma of employees, dilemma between social responsibilities and debt collection, mismatch between risk and income, high bad-loan ratio issues and so on. To find effective ways to solve those problems, authors combined experience with practice and put forward several possible directions, such as seizing the opportunities of digital transformation to develop financial technology, expanding online products, establishing a new financial environment under changed consuming scene, and utilizing the strict supervision mechanism to expand traditional banking business.
Contribution/ Originality
This is one of the few studies to discuss the current situation and problems of online banking business under the impacts of COVID-19. Then, ideals and solutions are presented based on the situation of reality and authors’ years’ experience in banking industry.

Employee Motivation in Light Oncial, Non-Financial Rewards and Employee Commitment among Pharmaceutical SMEs of Indonesia

Pages: 82-91
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Employee Motivation in Light Oncial, Non-Financial Rewards and Employee Commitment among Pharmaceutical SMEs of Indonesia

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DOI: 10.18488/journal.29.2021.81.82.91

Sheema Matloob , Saeed Abbas Shah , Muzafar Hussain Shah

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Sheema Matloob , Saeed Abbas Shah , Muzafar Hussain Shah (2021). Employee Motivation in Light Oncial, Non-Financial Rewards and Employee Commitment among Pharmaceutical SMEs of Indonesia. The Economics and Finance Letters, 8(1): 82-91. DOI: 10.18488/journal.29.2021.81.82.91
This paper aim to assess the effect of financial and non-financial rewards on employees’ motivation along with mediating effect of employee’s commitment on relationship of financial and non-financial rewards with employees’ motivation in pharmaceutical industry of Indonesia. For achieving the purpose, structural equation modeling was performed on collected data from 235 employees through self-administered questionnaires from pharmaceutical industry in Indonesia. This research found significant and positive effect of non-financial payments with employee motivation in results of direct relationship, current study found positive but insignificant effect of financial rewards on motivation during direct relationship. This study also found significant results of effect of financial and non-financial rewards on employee commitment. Furthermore current study found positive significant results during mediation by employees’ commitment between financial rewards, non-financial rewards with motivation, and employee commitment proved as good mediator. Implication and recommendations were also discussed in current research.
Contribution/ Originality
This study has contributed in extension of literature on both financial and non financial rewards’ importance in employee motivation. Further to this, this is one of the few studies conducted in Indonesia, especially in pharmaceutical industry.

Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices

Pages: 70-81
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Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices

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DOI: 10.18488/journal.29.2021.81.70.81

Catalina Rivero , Pedro Acuna

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Catalina Rivero , Pedro Acuna (2021). Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices. The Economics and Finance Letters, 8(1): 70-81. DOI: 10.18488/journal.29.2021.81.70.81
Previous studies show that children in lower socioeconomic status families reveal higher rates of mortality. We complement the income-mortality literature by establishing a causal link between income and child mortality. Our instrument for income is based on time-series global shocks to oil prices combined with the cross-sectional share of employment in manufacturing across US states as their exposure to oil price changes. Using the universe of death records between the years 1975-2004, we find the OLS results of income-child-mortality relationships are under-biased. The 2SLS-IV results suggest that a $1,000 increase in income per capita at the state level reduces child mortality and infant mortality by 0.87 and 0.53 fewer incidences per 1,000 population of age-specific children.
Contribution/ Originality
This is the first study to establish a causal link between income and child mortality rate. Moreover, it adds to the literature on oil and income by introducing an oil-price-based instrument which has the potential to influence household income and health.

Factors Influencing Profitability of Commercial Banks in Tanzania: A Case Study of CRDB Bank Plc

Pages: 61-69
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Factors Influencing Profitability of Commercial Banks in Tanzania: A Case Study of CRDB Bank Plc

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DOI: 10.18488/journal.29.2021.81.61.69

Moga Tano Jilenga , Patrick Luanda

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Moga Tano Jilenga , Patrick Luanda (2021). Factors Influencing Profitability of Commercial Banks in Tanzania: A Case Study of CRDB Bank Plc. The Economics and Finance Letters, 8(1): 61-69. DOI: 10.18488/journal.29.2021.81.61.69
This study examines factors influencing profitability of commercial banks in Tanzania. This study uses the CRDB Bank Plc. as a case study to investigate the bank specific factors and macroeconomic factors on bank profitability. The study uses correlational research design to examine the bank-specific factors and macroeconomic factors on profitability. Time series data for the period spanning from 2008 to 2019 were used. The results indicate that bank-specific factors such as bank deposit, non-performing loans and bank expense are statistically significant on bank profitability. On the other hand, macroeconomic factors were found to be insignificant on bank profitability. The implication for this study is that commercial banks policies should be geared towards bank-specific factors in enhancing profitability rather than concentrating on macroeconomic factors which does contribute to bank’s profitability. The bank deposits mobilized should be used effectively in realizing profitability. In addition, bank expenses should be cost effective in order to enhance bank profitability.
Contribution/ Originality
The study contributes to the existing literature on the factors that contributes to profitability in the commercial bank sector using correlational research design within a time series data spanning a period from 2008 to 2019. The paper contributes that -specific factors such as bank deposit, non-performing loans and bank expense are statistically significant to bank profitability and bank deposits be mobilized effectively to realize profitability.

Are the Predictions of the Mundell-Fleming Model Applicable to Mexico?

Pages: 53-60
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Are the Predictions of the Mundell-Fleming Model Applicable to Mexico?

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DOI: 10.18488/journal.29.2021.81.53.60

Yu Hsing

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Yu Hsing (2021). Are the Predictions of the Mundell-Fleming Model Applicable to Mexico?. The Economics and Finance Letters, 8(1): 53-60. DOI: 10.18488/journal.29.2021.81.53.60
According to the Mundell-Fleming model (Romer, 2006) under a floating exchange rate system, fiscal expansion is ineffective in raising output and causes real appreciation whereas monetary expansion raises output and causes real depreciation. Applying an extended Mundell-Fleming model, this paper employs a simultaneous-equation model to test whether the predictions of the Mundell-Fleming model would apply to Mexico. The GARCH process is employed in empirical work. This study finds that fiscal expansion reduces output and causes real appreciation and that monetary expansion raises output and leads to real depreciation. In addition, a higher real interest rate reduces output and causes real appreciation, and a higher real stock price results in real appreciation. Therefore, except for the impact of fiscal expansion on output, the Mundell-Fleming model applies to Mexico.
Contribution/ Originality
This paper relaxes the assumption of no relationship between real money demand and the real exchange rate in the Mundell-Fleming model, uses a simultaneous-equation model to estimate real GDP and the real effective exchange rate, and includes the real stock price as a proxy for financial wealth.

A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange

Pages: 44-52
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A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange

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DOI: 10.18488/journal.29.2021.81.44.52

Duc Tai Do

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Duc Tai Do (2021). A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange. The Economics and Finance Letters, 8(1): 44-52. DOI: 10.18488/journal.29.2021.81.44.52
The aim of this study is two-fold. Firstly, it attempts to assess the financial performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange (HNX). Secondly, it analyses and measure Cronbach's Alpha coefficients of the dependent variable, including, return on assets (ROA), return on equity (ROE) & return on sales (ROS). A quantitative research was conducted by collecting ROA, ROE & ROS in 22 Transport & Warehouses Firms Listed on the Hanoi Stock Exchange. We then categorized the ROA, ROE and ROS indicators into 5 levels ranging from 1 to 5. The first main findings from the study reveal that there are over 30% of Transport & Warehouses Firms with low financial performance and limited financial capacity. The second main research findings resulted from Cronbach’s Alpha: Cronbach’s Alpha of ROA, ROE and ROS are pretty tall, enough for analysis. Research findings are bases for recommendations to improve financial performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange.
Contribution/ Originality
This study uses new estimation methodology to analyse and measure the financial performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange over the period 2015-2019. The paper's primary contribution is finding that benefit the Transport & Warehouses firms Listed on HNX in the improvement of their profit.

The Impact of Covid-19 Pandemic on the Global Economy: Emphasis on Poverty Alleviation and Economic Growth

Pages: 32-43
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The Impact of Covid-19 Pandemic on the Global Economy: Emphasis on Poverty Alleviation and Economic Growth

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DOI: 10.18488/journal.29.2021.81.32.43

Prince Asare Vitenu-Sackey , Richard Barfi

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Prince Asare Vitenu-Sackey , Richard Barfi (2021). The Impact of Covid-19 Pandemic on the Global Economy: Emphasis on Poverty Alleviation and Economic Growth. The Economics and Finance Letters, 8(1): 32-43. DOI: 10.18488/journal.29.2021.81.32.43
The COVID-19 pandemic has devastated the global economy, which has rendered many of the world's population impoverished. Moreover, the pandemic has generated some uncertainties regarding economic and social policies. This phenomenon is lately the brunt of every government across the globe. This present study seeks to evaluate the pandemic's impact on poverty alleviation and the global GDP by considering individual countries' heterogeneous effects in a panel study. The motivation is to unravel the social and economic effects on the global economy. However, 170 countries are utilized in this study, and econometric panel techniques such as OLS and robust least square regression methods are utilized. The data was collected from, comprising total COVID-19 cases, total deaths, stringency index, human development index, and gross domestic product per capita. The study's findings stipulate that many people's stringency and the contraction of the disease have inversely affected poverty alleviation and economic growth. Nevertheless, for the deaths recorded so far positively affects both poverty alleviation and economic growth. This development signals the essence of controlling population growth as it impedes economic growth and poverty alleviation. The study recommends that governments invest in health and education improvement and stimulate their economies to create employment that could propagate growth to improve poverty alleviation and economic growth.
Contribution/ Originality
This study contributes to the existing literature and presents the long-run impact of COVID-19 pandemic on economic growth and poverty alleviation in the global context.

Cross-Time-Frequency Analysis of Volatility Interdependence among Stock and Currency Markets

Pages: 14-31
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Cross-Time-Frequency Analysis of Volatility Interdependence among Stock and Currency Markets

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DOI: 10.18488/journal.29.2021.81.14.31

Hasan Fehmi Baklaci , Tezer Yelkenci

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Hasan Fehmi Baklaci , Tezer Yelkenci (2021). Cross-Time-Frequency Analysis of Volatility Interdependence among Stock and Currency Markets. The Economics and Finance Letters, 8(1): 14-31. DOI: 10.18488/journal.29.2021.81.14.31
Volatility transmission between stock markets and currency markets is an ongoing debate in the pertinent literature. However, the majority of the previous studies have used only daily data with a limited sample. This study aims to fill this gap by identifying how sample stock markets and currencies play the role of volatility transmitter and receiver, particularly on an intraday basis. To this end, this research detects volatility interdependencies among various stock markets and currencies using five major stock indices and six major currency pairs. The results for daily and intraday frequencies are quite disparate. In particular, the results signify that the transmission of volatility from currency markets to stock markets is much stronger on an intraday basis. The results also indicate a strengthening of the volatility transmission and spillover interdependence among stock markets on a daily basis. These results may be ascribed to the continuous trading mechanism of these markets, which in turn allows the news to impact these markets first, which then transmit it to stock markets. The findings obtained also imply that intraday price fluctuations in major currencies should be closely tracked to monitor intraday volatility patterns in stock markets.
Contribution/ Originality
This study is one of very few studies which have investigated volatility interdependencies among various stock markets and currencies by utilising daily and intraday data simultaneously. The findings are also unique signifying that the transmission of volatility from currency markets to stock markets is much stronger on an intraday basis.

Determinant of Indonesian Plantation Industry Investment ERA 4.0

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DOI: 10.18488/journal.29.2021.81.1.13

M. Noor Salim , Darwati Susilastuti , Wahyu Murti

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M. Noor Salim , Darwati Susilastuti , Wahyu Murti (2021). Determinant of Indonesian Plantation Industry Investment ERA 4.0. The Economics and Finance Letters, 8(1): 1-13. DOI: 10.18488/journal.29.2021.81.1.13
The plantation management, its performance are determined by its productivity which is influenced by both internal and external factors. The objectives of this study are to determine the effect of inflation, interest rates, exchange rates, and infrastructure on plantation investment in Indonesia, to determine which factors are dominant in plantation investment, and to determine the effect of plantation investment on the gross domestic product of plantations in Indonesia. The method of determining the research area was carried out purposively, namely plantations in Indonesia. This study uses secondary data from annual data from 1990 to 2019 with OLS multiple linear regression data analysis methods. The results of this research are that simultaneously, the variables of inflation, interest rates, exchange rates, and infrastructure have a significant effect on plantation investment in Indonesia. Partially, the inflation and interest rate variables have a negative non-significant effect on investment, while the exchange rate and infrastructure variables have a positive significant effect on plantation investment. Infrastructure is a dominant factor. Investment has a positive significant effect on plantation GDP. The findings of his research are that plantation investment is resistant to shocks from fluctuations in inflation and interest rates. The increase in the rupiah exchange rate against the US dollar provides benefits for foreign investment. Infrastructure as a dominant factor is an attraction and a driver for investment. Investment has a strong and large contribution to the formation of GDP for plantations and their productivity.
Contribution/ Originality
The paper's primary contribution is finding that the driver and attractor of plantation investment is infrastructure. The originality of this study is to examine the effect of macroeconomic factors i.e. inflation, interest rates, exchange rates, and infrastructure on long-term investment in the plantation industries.