Asian Economic and Financial Review

Published by: Asian Economic and Social Society
Online ISSN: 2222-6737
Print ISSN: 2305-2147
Total Citation: 1490

No. 6

Globalization and Economic Growth: The Case Study of Developing Countries

Pages: 589-599
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Globalization and Economic Growth: The Case Study of Developing Countries

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DOI: 10.18488/journal.aefr.2017.76.589.599

Ali Fagheh Majidi

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(2017). Globalization and Economic Growth: The Case Study of Developing Countries. Asian Economic and Financial Review, 7(6): 589-599. DOI: 10.18488/journal.aefr.2017.76.589.599
The aim of this study is to investigate the effect of dimensions of globalization on economic growth in 100 developing countries using panel data. The globalization index used is KOF and period of study is 1970-2014.The results show that the impact of political globalization on economic growth in upper middle income countries is negative and significant. Also, economic and social globalization has not significant effect on economic growth. Furthermore, the effect of total and political globalization on economic growth in developing countries with lower middle income is positive and significant but economic and social globalization factors have not significant effect, statistically.

Contribution/ Originality
The paper's primary contribution is finding that examine the impacts of dimension of globalization i.e. social, economic and political globalization on economic growth in developing countries.

Education, Employment and Gender Gap in Mena Region

Pages: 573-588
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Education, Employment and Gender Gap in Mena Region

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DOI: 10.18488/journal.aefr.2017.76.573.588

Mwafaq M. Dandan , Ana Paula Marques

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(2017). Education, Employment and Gender Gap in Mena Region. Asian Economic and Financial Review, 7(6): 573-588. DOI: 10.18488/journal.aefr.2017.76.573.588
Education is central to human capital capacity‐building, and major determinant of economic development, as it has long been considered as an important investment both for social and economic development. The Middle East and North African countries have been aware of the importance of education therefore considered it as a key part of their strategies and future planning; enrollments at different levels of education have improved dramatically over the past few decades. This study is an empirical investigation to the impact of different level of education attainment on employment level, labor force participation rate and gender gap of employment. For that purpose the cross section time series or panel data set consisting of 15 countries ? where the data is comparable -has been taken. Panel data regression analysis has been carried out to find out the magnitude and direction of relationship between dependent and independent variables. Further Hausman test of specification has been applied for the selection between fixed effect model and random effect model. The main finding of this study, that there is negative relationship between educational attainment and male labor participation rate, while it is positive in case of females labor force. The study found also that with the improvement of educational attainment there has been a decrease employment gender gap.
Contribution/ Originality
This study is one of the few studies which have examined the impact of educational attainment on employment, labor force participation rate and its role in closing the labor market gender gaps in MENA countries.

Public Sector Wage and Inflation in Ghana

Pages: 561-572
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Public Sector Wage and Inflation in Ghana

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DOI: 10.18488/journal.aefr.2017.76.561.572

Grace Ofori-Abebrese , George Kwesi Walanyo Azumah , Robert Becker Pickson

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(2017). Public Sector Wage and Inflation in Ghana. Asian Economic and Financial Review, 7(6): 561-572. DOI: 10.18488/journal.aefr.2017.76.561.572
Achieving price stability has been in the orbit of concern of state authorities for time immemorial. This paper, therefore, attempted to determine empirically the impact of public wage bill on inflation in Ghana for the period of 1986-2014. Using an Autoregressive Distributed Lag (ARDL) to cointegration model, it was discovered from the study that public wage bill, currency depreciation rate, money supply, and fiscal deficit all have significant impact on inflation in Ghana. The outcome of this study postulated that the rate of inflation determination in Ghana is also a fiscal phenomenon in spite of the significant and domineering role played by monetary expansion. In consequent, equal attention must be accorded both fiscal and monetary policy in the fight against the rate of inflation in Ghana for appreciable and sustained result.
Contribution/ Originality
The present study is one of very few studies which have empirically investigated the impact of public sector wage on the rate of inflation in Ghana. The primary contribution of this study is finding that the rate of inflation determination is also fiscal phenomenon despite the significant and domineering role played by monetary expansion.

Corporate Governance and Information Transparency: A Simultaneous Equations Approach

Pages: 550-560
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Corporate Governance and Information Transparency: A Simultaneous Equations Approach

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DOI: 10.18488/journal.aefr.2017.76.550.560

Maali KACHOURI , Anis JARBOUI

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(2017). Corporate Governance and Information Transparency: A Simultaneous Equations Approach. Asian Economic and Financial Review, 7(6): 550-560. DOI: 10.18488/journal.aefr.2017.76.550.560
The purpose of this paper is to review the relationship between corporate governance mechanisms and information transparency. In this paper, we aim to answer the important questions of whether corporate governance affects financial information transparency, if so, whether transparency reporting can affects corporate governance mechanisms and the interaction of internal and external governance mechanisms. This study uses a sample of 28 non-financial listed Tunisian companies and covers an eight-year period from 2006 to 2013. To test the hypotheses of this research, a simultaneous equation system model was applied. The results obtained shows that, for the Tunisians companies, financial transparency have a significant effect on board size and on audit quality. The current study also provides evidence that corporate governance mechanisms are interdependent. The findings may be of interest to those academic researchers, practitioners and regulators who are interested in discovering corporate governance practices in Tunisian context. This paper extends the existing literature, in the Tunisian context in particular, by examining the causal relationship between corporate governance and information transparency.
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Digitization: Its Impact on Economic Development & Trade

Pages: 541-549
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DOI: 10.18488/journal.aefr.2017.76.541.549

Moinak Maiti , Parthajit Kayal

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(2017). Digitization: Its Impact on Economic Development & Trade. Asian Economic and Financial Review, 7(6): 541-549. DOI: 10.18488/journal.aefr.2017.76.541.549
This study discusses the impact of digitisation on India?s two most vibrant and high potential segments for future growth: services sector and MSME segments.  We find that there is a significant rise in growth rate for the India?s services sector and MSME segment since 2000. This was majorly due to digitisation.  Digitisation automates the product and process as a result of which both quality and production increases.  Despite having a high potential for future growth, India?s MSMEs segment has suffered due to less ?access to finance?.  Digitisation improves the performances of MSMEs and helps in reducing financial obstacles by providing alternative financing options to MSME.  Increasing access to alternative finance has resulted in the significant rise in MSMEs operating performance, profitability and productivity.  The high performance of the India?s services sector and MSME segment contribute significantly to the overall trade growth.  This paper finds that there is a high impact of digitisation on the inclusive growth of the overall Indian economy and trade.
Contribution/ Originality
The paper's primary contribution is finding that the significant rise in the recent growth rate of the service sector and MSME segment was majorly due to digitization.  Digitalization resulted in the high performance of these sectors which contributed significantly to the inclusive growth of the overall Indian economy and trade.