Asian Economic and Financial Review

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Online ISSN: 2222-6737
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Total Citation: 1219

No.7

Trade Flows and Exchange Rate Shocks in Nigeria: An Empirical Result


Pages: 948-977
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Trade Flows and Exchange Rate Shocks in Nigeria: An Empirical Result

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David UMORU, Adaobi S. OSEME
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David UMORU, Adaobi S. OSEME (2013). Trade Flows and Exchange Rate Shocks in Nigeria: An Empirical Result. Asian Economic and Financial Review, 3(7): 948-977. DOI:
In this paper, we explored the J-curve effect based on Nigerian data by adopting the vector error correction methodology. The results of the study indicated a cyclical feedback between the trade balance and the real exchange rate depreciation of the Naira. However, the analysis finds no empirical evidence in favour of the short-run deterioration of the trade balance as implied by the J-curve hypothesis.  Rather, what is empirically supported is the cyclical trade effect of exchange rate shocks. As it were, a real exchange rate shock will initially improve then worsen and then improve the country???s aggregate trade balance. The instant improvement in the trade balance which is correlated with real depreciation provides no support for the J-curve hypothesis in the Nigerian trade balance. Hence, the short-run predictions of the J-curve are not observable in Nigeria.

  1. Anwar, M. and R.K. Sampath, 2000. Exports and economic growth. Indian Economic Journal, 47(3): 79–88.
  2. Bahamini-Oskooee, M., H. Mohtadi and G. Shabsign, 1991. Exports, growth and causality in ldcs: A reexamination. Journal of Development Economics, 36(2): 405–415.
  3. Balassa, B., 1978. Exports and economic growth: Further evidence. Journal of Development Economics, 5(2): 181–189.
  4. Barro, R. and S.-I.-M. Xavier, 1995. Economic growth. New York: McGraw-Hill.
  5. Bhagwati, J., 1978. Anatomy and consequences of exchange control regimes. Cambridge, Mass: Ballinger Publishing Co.
  6. Bhagwati, J., 1988. Export-promoting trade strategies: Issues and evidence. The World Bank Research Observer, 3(1): 25–57.
  7. Dash, R.K. and k. Rajesh, 2007. Export-led growth in south asia: A panel evidence. Indian Economic Journal, 55(3): 132–146.
  8. Daubechies, I., 1992. Ten lectures onwavelets. SIAM, Philadelphia.
  9. Dhawan, U. and B. Biswal, 1999. Re-examining export-led growth hypothesis: A multivariate co-integration analysis for india. Applied Economics, 31(4): 525–530.
  10. Ekanayake, E.K., 1999. Exports and economic growth in asian developing countries: Cointegration and error-correction models. Journal of Economic Development, 24(2): 43–56.
  11. Emery, R.F., 1967. The relation of exports and economic growth. Kyklos, 20(2): 470–486.
  12. Feder, G., 1982. On export and economic growth. Journal of Development Economics, 12(1-2): 59–73.
  13. Gençay, R., F. Selçuk and B. Whitcher, 2002. An introduction to wavelets and other filtering methods in finance and economics. Academic Press, San Diego.
  14. Ghatak, S. and W. Stephen, price., , 1997. Export composition and economic growth: Cointegration and causality evidence for india. Weltwirtschaftliches Archiv, 133(3): 538–553.
  15. Helpman, E. and P.R. krugman, 1985. Market structure and foreign trade. Cambridge MIT Press.
  16. Islam, M.N., 1998. Exports expansion and economic growth: Testing for cointegration and causality. Applied Economics, 30(3): 415–425.
  17. Jung, W., S.  and J.M. Peyton, 1985. Exports, growth and causality in developing countries. Journal of Development Economics, 18(1): 1–12.
  18. Kavoussi, R.M., 1984. Export expansion and economic growth: Further empirical evidence. Journal of Development Economics, 14(1-2): 241–250.
  19. Kravis, I.B., 1970. Trade as a handmaiden of growth: Similarities between the nineteenth and twentieth centuries. Economic Journal, 80(320): 850–872.
  20. Krueger, A.O., 1978. Liberalization attempts and consequences. Cambridge, MA: Ballinger.
  21. Krugman, P.R., 1984. Import protection as export promotion. Oxford: Oxford University Press.
  22. Lancaster, K., 1980. Intra-industry trade under perfect monopolistic competition. Journal of International Economics, 10(2): 151–175.
  23. Love, J. and R. CHANDRA, 2004. Testing export-led growth in india, pakistan and sri lanka using a multivariate framework. Manchester School, 72(4): 483–496.
  24. Nidugala, G.K., 2000. Export and economic growth in india: An empirical investigation. Indian Economic Journal, 47(3): 67–78.
  25. Pack, H., 1988. Industrialization and trade. Amsterdam: Elsevier.
  26. Ram, R., 1985. Exports and economic growth: Some additional evidence. Economic Development and Cultural Change, 33(2): 415–425.
  27. Sung-Shen, N., B. Biswas and G. Tribedy, 1990. Causality between exports and economic growth: An empirical study. Journal of Economic Development, 9(1): 121–130.
  28. Thornton, J., 1996. Cointegration, causality and export-led growth in mexico, 1895–1992. Economics Letters, 50(3): 413–416.
  29. Tyler, W.G., 1981. Growth and export expansion in developing countries: Some empirical evidence. Journal of Development Economics, 9(3): 121–130.

Comparative Study between Malaysia and Nigeria Formal Low Cost Housing Policy Issues


Pages: 923-947
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Comparative Study between Malaysia and Nigeria Formal Low Cost Housing Policy Issues

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Mohammed Yahaya Ubale, David Martin, Seow Ta Wee
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Mohammed Yahaya Ubale, David Martin, Seow Ta Wee (2013). Comparative Study between Malaysia and Nigeria Formal Low Cost Housing Policy Issues. Asian Economic and Financial Review, 3(7): 923-947. DOI:
The current practice housing policies of Malaysia and Nigeria did not highlight on the affordability of formal low cost houses. There are no laws, sections or guidelines regulating the affairs of formal low cost housing. The current policies did not consider the beneficiaries of the formal low cost housing in their design; the design reflects the western culture which is not tantamount to that of the beneficiaries. It did not conform to their culture, family background and size. The current practice policies of Malaysia and Nigeria did not consider the family issues of the low income earners and did not provide for public participation in their deliberations contrary to the need of the beneficiaries. This study establishes that participation in policy deliberations will make them feel self-worth. The beneficiaries want incentives to improve their earnings. This study shows that formal low cost houses in Batu Pahat, are affordable while those in Bauchi, are not affordable. Formal low cost houses are located in the same neighborhood with medium and high cost houses in Batu Pahat and enjoy all facilities, utilities and services there. The situation is not the same in Bauchi, where formal low cost houses are located separate at the peripheries of the town outside trekking distances which repel beneficiaries because of the awkward location. The residents of the formal low cost houses Batu Pahat, have higher qualification, higher earnings, less number of defendants, while those at Bauchi, have higher number of defendants, lower income, lower qualification. This study further ascertained that the interplay of these three intangible socio economic elements is the major impediment that blocks affordability. The policy makers and the residents submit that these affordability elements should be upheld in other to ensure formal low cost housing possession by the low income earners. This article further ascertained that the intangible socio economic elements play more role than the physical or tangible elements.

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Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse


Pages: 913-922
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Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse

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Zahiruddin Ghazali, Norlida Abdul Manab
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Zahiruddin Ghazali, Norlida Abdul Manab (2013). Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse. Asian Economic and Financial Review, 3(7): 913-922. DOI:
This study aims to highlight whether the implementation of Malaysian Code of Corporate Governance (MCCG) in 2000 and the revise version in 2007 gives impact to enterprise risk management (ERM) and creates value for companies listed in the Malaysian Bourse. Using a standard and reliable variables with acceptable testing methods provide justifiable methodology of testing. From test result, it is found that MCCG2000 produces more impact compares to MCCG2007. Nonetheless, caveat should be in place as these are only initial findings with a long road ahead for confirmation.

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  9. Nisa, M. and M. Nishat, 2011. The determinants of stock prices in pakistan. Asian Economic and Financial Review 1(4): 276-291.
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Toward A Strong Chinese Economy


Pages: 906-912
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Toward A Strong Chinese Economy

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Liang-Xin Li
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Liang-Xin Li (2013). Toward A Strong Chinese Economy. Asian Economic and Financial Review, 3(7): 906-912. DOI:
How to keep Chinese economy???s high growth rate in a long run toward the fully modernized era of China is the major topic of this paper. This letter will develop some theories as a guidance of Chinese economic reforms and development and show the necessary reforms and strategies for long term prosperity into Chinese future.

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  3. Liang-Xin Li, 2010. Research on the quantitative dynamic structure of shocks in macroeconomics business cycle. International Journal of Business and Management, 5(6): 123-128.
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New Monetary Policies in Usury Free Banking


Pages: 881-905
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New Monetary Policies in Usury Free Banking

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Hamid Reza Izadi, Maryam Izadi
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Hamid Reza Izadi, Maryam Izadi (2013). New Monetary Policies in Usury Free Banking. Asian Economic and Financial Review, 3(7): 881-905. DOI:
The aim of this research is to find monetary policy tools in usury free banking. We will review the ideas of Muslims in Iran and outside the Iran for this subject. In this work, we will explain the effects of monetary policies on economy. This article is about explanation of two subjects: In the first subject, reports about usury free banking and ways of absorbing granted facilities is presented from the Islamic thinkers??? point of views. The second object elaborates on monetary policies of this system. At the end, this article shows monetary policy tools which have special effects on this mechanism.

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Export Led Growth or Growth Led Export Hypothesis in India: Evidence Based on Time-Frequency Approach


Pages: 869-880
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Export Led Growth or Growth Led Export Hypothesis in India: Evidence Based on Time-Frequency Approach

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Arif Billah Dar, Niyati Bhanja, Amaresh Samantaraya, Aviral Kumar Tiwari
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Arif Billah Dar, Niyati Bhanja, Amaresh Samantaraya, Aviral Kumar Tiwari (2013). Export Led Growth or Growth Led Export Hypothesis in India: Evidence Based on Time-Frequency Approach. Asian Economic and Financial Review, 3(7): 869-880. DOI:
A plethora of research activity on the relationship between a country???s export and economic growth has produced ambiguous and mixed results. We reinvestigate this relationship using the methodology of wavelets based correlation and cross correlation. Our results show that the relationship between export growth and output growth is not only positive in India but this relationship grows stronger as time horizons increases. Our results based on wavelet cross-correlation show that causal relationship is bi-directional at higher time scales.

  1. Anwar, M. and R.K. Sampath, 2000. Exports and economic growth. Indian Economic Journal, 47(3): 79–88.
  2. Bahamini-Oskooee, M., H. Mohtadi and G. Shabsign, 1991. Exports, growth and causality in ldcs: A reexamination. Journal of Development Economics, 36(2): 405–415.
  3. Balassa, B., 1978. Exports and economic growth: Further evidence. Journal of Development Economics, 5(2): 181–189.
  4. Barro, R. and S.-I.-M. Xavier, 1995. Economic growth. New York: McGraw-Hill.
  5. Bhagwati, J., 1978. Anatomy and consequences of exchange control regimes. Cambridge, Mass: Ballinger Publishing Co.
  6. Bhagwati, J., 1988. Export-promoting trade strategies: Issues and evidence. The World Bank Research Observer, 3(1): 25–57.
  7. Dash, R.K. and k. Rajesh, 2007. Export-led growth in south asia: A panel evidence. Indian Economic Journal, 55(3): 132–146.
  8. Daubechies, I., 1992. Ten lectures onwavelets. SIAM, Philadelphia.
  9. Dhawan, U. and B. Biswal, 1999. Re-examining export-led growth hypothesis: A multivariate co-integration analysis for india. Applied Economics, 31(4): 525–530.
  10. Ekanayake, E.K., 1999. Exports and economic growth in asian developing countries: Cointegration and error-correction models. Journal of Economic Development, 24(2): 43–56.
  11. Emery, R.F., 1967. The relation of exports and economic growth. Kyklos, 20(2): 470–486.
  12. Feder, G., 1982. On export and economic growth. Journal of Development Economics, 12(1-2): 59–73.
  13. Gençay, R., F. Selçuk and B. Whitcher, 2002. An introduction to wavelets and other filtering methods in finance and economics. Academic Press, San Diego.
  14. Ghatak, S. and W. Stephen, price., , 1997. Export composition and economic growth: Cointegration and causality evidence for india. Weltwirtschaftliches Archiv, 133(3): 538–553.
  15. Helpman, E. and P.R. krugman, 1985. Market structure and foreign trade. Cambridge MIT Press.
  16. Islam, M.N., 1998. Exports expansion and economic growth: Testing for cointegration and causality. Applied Economics, 30(3): 415–425.
  17. Jung, W., S.  and J.M. Peyton, 1985. Exports, growth and causality in developing countries. Journal of Development Economics, 18(1): 1–12.
  18. Kavoussi, R.M., 1984. Export expansion and economic growth: Further empirical evidence. Journal of Development Economics, 14(1-2): 241–250.
  19. Kravis, I.B., 1970. Trade as a handmaiden of growth: Similarities between the nineteenth and twentieth centuries. Economic Journal, 80(320): 850–872.
  20. Krueger, A.O., 1978. Liberalization attempts and consequences. Cambridge, MA: Ballinger.
  21. Krugman, P.R., 1984. Import protection as export promotion. Oxford: Oxford University Press.
  22. Lancaster, K., 1980. Intra-industry trade under perfect monopolistic competition. Journal of International Economics, 10(2): 151–175.
  23. Love, J. and R. CHANDRA, 2004. Testing export-led growth in india, pakistan and sri lanka using a multivariate framework. Manchester School, 72(4): 483–496.
  24. Nidugala, G.K., 2000. Export and economic growth in india: An empirical investigation. Indian Economic Journal, 47(3): 67–78.
  25. Pack, H., 1988. Industrialization and trade. Amsterdam: Elsevier.
  26. Ram, R., 1985. Exports and economic growth: Some additional evidence. Economic Development and Cultural Change, 33(2): 415–425.
  27. Sung-Shen, N., B. Biswas and G. Tribedy, 1990. Causality between exports and economic growth: An empirical study. Journal of Economic Development, 9(1): 121–130.
  28. Thornton, J., 1996. Cointegration, causality and export-led growth in mexico, 1895–1992. Economics Letters, 50(3): 413–416.
  29. Tyler, W.G., 1981. Growth and export expansion in developing countries: Some empirical evidence. Journal of Development Economics, 9(3): 121–130.

Computer Simulation and Planning of the Company Profitability


Pages: 858-868
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Computer Simulation and Planning of the Company Profitability

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Meri Boshkoska, Milco Prisaganec, Violeta Panovska
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Meri Boshkoska, Milco Prisaganec, Violeta Panovska (2013). Computer Simulation and Planning of the Company Profitability. Asian Economic and Financial Review, 3(7): 858-868. DOI:
To achieve high job performance, the managers need to have information about the key activities of all sectors. If the flow of information is greater, the greater will be the knowledge and expertise in the company that are a source of competitive advantage and profitability. Using technology for creation of software packages allow sectors managers to monitor and plan all activities and operations associated with production, sales and financing. Today, choosing and designing a software package for planning the profitability is a major challenge for managers in companies.  The aim of this paper is to show how managers can make efficient planning of the company profitability with computer simulation technique.

  1. lock, S. and G. Hirt, 2008. Foundations of financial management. New York: McGraw – Hill Irvin Companies, Inc. NY.
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  4. Higins, R., 2004. Analysis for financial management. New York: McGraw - Hill Companies, NY.
  5. Milisavljevic, M. and Todorovic., 1994. Planing and development policy of the company. Modern administration, D.D. Belgrade.
  6. Ross, S.e.a., 2008. Corporate finance. The McGraw – Hill Companies, Inc.
  7. Van Horne and Wachowicz, 2007. Foundations of financial management. 12 Edn.: Data status, Beograd.

Telecomunications Market in a Small Economy: Is there a Need for Price Control?


Pages: 843-857
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Telecomunications Market in a Small Economy: Is there a Need for Price Control?

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Mahendra Reddy
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Mahendra Reddy (2013). Telecomunications Market in a Small Economy: Is there a Need for Price Control?. Asian Economic and Financial Review, 3(7): 843-857. DOI:
Telecommunications and ICT sector in general is one of the most rapidly growing sectors in the world. The state and level of the technological development of ICT infrastructure plays a very important and critical role in the growth and development of contemporary economies. Countries who do not have the required level and technology of ICT infrastructure are struggling to keep pace with the rapidly changing market economies and thus have difficulty in maintaining their competitive edge in the global market.In this paper, we examined whether network operators in Fiji???s Telecommunications market held SMP and thus have been abusing their market power to the detriment of the economy.  Based on the analysis presented in the paper, we can consider the cumulative effect of all the factors analyzed justifies the conclusion that the three network operators in Fiji, that operate in the mobile and fixed line voice call termination markets, hold SMP in relation to those networks, and such SMP will in all likelihood be maintained in the short to medium term.Given the disparity in the market share, with VFL having 76% of the market share in the mobile market and Digicel having 24% of the market share and TFL having the smallest number of fixed line subscribers, it is quite likely that market power could be abused should there not be a Price Control Order.

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Willingness to Pay For the Treatment of Environmental Hazards: A Case Study of Peshawar


Pages: 831-842
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Willingness to Pay For the Treatment of Environmental Hazards: A Case Study of Peshawar

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Naeem Ur Rehman Khattak, Suleman Amin
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Naeem Ur Rehman Khattak, Suleman Amin (2013). Willingness to Pay For the Treatment of Environmental Hazards: A Case Study of Peshawar. Asian Economic and Financial Review, 3(7): 831-842. DOI:
Safe and human friendly environment is one of the most important issues in world today. This paper has addressed one of such important issue, the treatment of environmental hazard in form of solid waste in Peshawar District of Khyber Pakhtunkhwa province. The study aimed at finding out the public Willingness to Pay (WTP) for the treatment of environmental hazard in the form of solid waste. The study is based on primary data collected from 225 households living in 25 union councils of urban Peshawar. Binomial Logit Model has been used for obtaining the estimation results. Interestingly, 61 respondents, out of total 225, were willing to pay Rs.200 per month for the removal of this environmental hazard. Similarly, 22 respondents were ready to pay Rs.300 and 17 respondents were willing to pay more than 300 for safe disposal of the solid waste. The study finds income of household, family disease history, education and size of households as major factors which affect the household???s decision regarding WTP. Majority of the respondents (71%) were willing that the service may be provided by the private sector.

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Furniture Industry in Turkey Due To Product and Process Additional Work or the Scope of the Method


Pages: 817-830
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Furniture Industry in Turkey Due To Product and Process Additional Work or the Scope of the Method

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Mehmet Colak, Tahsin Cetin, Samet Yilmaz, Talip Yildiz, Yilmaz Korkmaz
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Mehmet Colak, Tahsin Cetin, Samet Yilmaz, Talip Yildiz, Yilmaz Korkmaz (2013). Furniture Industry in Turkey Due To Product and Process Additional Work or the Scope of the Method. Asian Economic and Financial Review, 3(7): 817-830. DOI:
The primary objective of work study techniques to increase productivity and conduct in this context is to reduce costs. However, the result of work-study techniques not only intended to provide a benefit to the company, but also to the customers. Before starting work study techniques in this regard, the firm gaze customers, satisfaction and dissatisfaction, and general thoughts were asked to learn. According to customers??? concerns and expectations about the company conduct various analyzes were thought to be more accurate and precise. Bursa Inegol operating loss for medium-and large-scale furniture enterprises to increase their productivity and reduce the time for that company owners and managers??? satisfaction in this respect, discontent, customer trends, objectives, expectations and ideas for finding of this study is to assess the lost time. Accordingly, the results of the analysis of a simple but highly effective technique for the diagnosis of the problem and cause-and-effect diagrams, Pareto and analyzed.

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