Asian Economic and Financial Review

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Online ISSN: 2222-6737
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No.7

Robust Monetary Policy in An Uncertain Economic Environment: Evidence from Tunisian Economy


Pages: 969-986
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Robust Monetary Policy in An Uncertain Economic Environment: Evidence from Tunisian Economy

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Ramzi Drissi
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Ramzi Drissi (2014). Robust Monetary Policy in An Uncertain Economic Environment: Evidence from Tunisian Economy. Asian Economic and Financial Review, 4(7): 969-986. DOI:
This paper tries to study the robust monetary policy in an uncertain economic environment. More precisely, our idea is to know how to conduct monetary policy in the case that the central bank does not correctly perceive the true model. Our approach is to estimate a dynamic macroeconomic model with three representations of dynamics inflation, each with microeconomic foundations. The three versions of model are estimated on Tunisian economy data with the Bayesian techniques.  Our results show that the uncertainties of the structural parameters affect the dynamic solutions for the economy, but also on the objective functions of the central bank. His caution increased with the weights carried by the interest rate in the loss function. Thus, our results show the effectiveness of the simple robust rule of Levin and Williams.

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Financial Mutations and Fragility of The Tunisian Banks


Pages: 956-968
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Financial Mutations and Fragility of The Tunisian Banks

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Bouslimi Jihen 
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Bouslimi Jihen  (2014). Financial Mutations and Fragility of The Tunisian Banks. Asian Economic and Financial Review, 4(7): 956-968. DOI:
Our study shows that financial liberalization has been followed by a profound transformation and banking system fragility. Our investigation test seeks to determine the fragility index of the Tunisian banking system over the period post liberalization. Our investigation is resulting from the study of Kibritcioglu (2002) which consist of an aggregation of three variables which reflect the symptom of a banking crisis. Our results showed a causality relation between financial liberalization and the banking systems fragility. We argued a period of high fragility starting from 1986 (date of the liberalization process adoption in Tunisia).
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Are Islamic Banks More Resilient To Global Financial Crisis Than Conventional Banks?


Pages: 941-955
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Are Islamic Banks More Resilient To Global Financial Crisis Than Conventional Banks?

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Feryel Ouerghi
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Feryel Ouerghi(2014). Are Islamic Banks More Resilient To Global Financial Crisis Than Conventional Banks?. Asian Economic and Financial Review, 4(7): 941-955. DOI:
Development of global finance in recent years is marketed with the fastest growth in Islamic finance. The recent global financial crisis is characterized by the failure of a number of conventional banks. This led many researchers to reexamine the efficiency of Islamic banks compared to conventional ones and to study their capacity to resist to the financial crisis.The objective of our analysis is to study if Islamic banks are more resilient than conventional banks to the recent global financial crisis. To do this, two empirical investigations are proposed. The first one is based on the equality mean test. We compare the performance of IBs and CBs during global crisis (2007-2008) and after the crisis (2009-2010) in term of profitability, liquidity, efficiency, capital adequacy and leverage. The second investigation uses the Z-score as an indicator of bank stability in order to study the impact of the crisis on IBs and CBs. The main result derived from the first empirical test show that, when we consider the two periods, IBs become less profitable, more prone to credit risk and less efficient than CBs in the post crisis period. From the second investigation, we conclude that small banks fared better than large ones, IBs are less financially stable than CBs and large IBs perform better than large CBs, as suggested by Cihak and Hesse (2008).

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Relationship Between Financial Development and Economic Growth, Evidence from Financial Crisis


Pages: 930-940
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Relationship Between Financial Development and Economic Growth, Evidence from Financial Crisis

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Narcise Amin Rashti --- Ebrahim Siami Araghi --- Mahdi Shayeste
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Narcise Amin Rashti --- Ebrahim Siami Araghi --- Mahdi Shayeste (2014). Relationship Between Financial Development and Economic Growth, Evidence from Financial Crisis. Asian Economic and Financial Review, 4(7): 930-940. DOI:
This research studies the influence of financial development on economic growth with emphasis on the recent financial crisis. Variables considered in this study are indicators of financial development consisting of the ratio of the banking system credits to GDP, the ratio of services provided by the banking system to the private sector to GDP and the stock exchange to GDP, and variables of effective economy such as the ratio of investment to GDP and the openness of the economy and also the dummy variable of 2008 financial crisis. Starting from the Unites States and then taking the whole economy in the world, the recent financial crisis has had different effects on countries? economy. In order to survey the effects of this crisis on economic growth of different states based on the World Bank classification, three groups of countries have been studied: developed countries members of the OECD, high average income countries and low average income countries. The results of the models estimated using generalized methods of moments demonstrate that the financial crisis has had the most influence on developing countries with high average income and its effect has been less on developed countries and developing countries with low and middle average income. Moreover, indexes of financial development considered in banking sector have had negative effect on all supposed countries, but capital market shows positive effect on economic growth during 1990-2010 in the countries with low average income and negative effect on developed and high average income countries.

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Trade-Growth Nexus in Developing and Developed Countries: An Application of Extreme Bounds Analysis


Pages: 915-929
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Trade-Growth Nexus in Developing and Developed Countries: An Application of Extreme Bounds Analysis

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Mansour Zarra-Nezhad --- Fatimah Hosseinpour --- Seyed Aziz Arman
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Mansour Zarra-Nezhad --- Fatimah Hosseinpour --- Seyed Aziz Arman (2014). Trade-Growth Nexus in Developing and Developed Countries: An Application of Extreme Bounds Analysis. Asian Economic and Financial Review, 4(7): 915-929. DOI:
In this study, we investigated the relationship between foreign trade and economic growth in the developing and developed countries by using extreme bounds analysis approach. For this we used unbalanced panel data of 103 variables of 94 countries (74 developing countries and 20 developed countries) during 1990-2010. The estimation results of more than 1.6 million regressions show that more foreign trade indices are robust determinants of economic growth and have robustly positive effect on the economic growth of each country regardless of level of development. In the other words, results of this study support views of free trade advocates.

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Evaluation of the Effect of Liquidity Growth on Saving Rate in the Developing Countries


Pages: 908-914
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Evaluation of the Effect of Liquidity Growth on Saving Rate in the Developing Countries

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 Mohammad Reza Monjazeb --- Marzieh Rashvand Sadeghi --- Kobra Oladi
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 Mohammad Reza Monjazeb --- Marzieh Rashvand Sadeghi --- Kobra Oladi (2014). Evaluation of the Effect of Liquidity Growth on Saving Rate in the Developing Countries. Asian Economic and Financial Review, 4(7): 908-914. DOI:
The role of savings in determining economic growth and investment is among issues that have always been considered in the formulation of policy and economic theories. This fact has been accepted that it is a quite necessary action to put aside a part of production i.e. to create saving to be converted in to production capital for maintaining the level of existing welfare and also achieving a higher level of welfare.The aim of the present study is to evaluate the role of liquidity growth on saving rates in 11 developing countries (Ecuador, Venezuela, Colombia, Armenia, Brazil, Iran, Azerbaijan, Turkey, Tunisia, China and Thailand) within the period 2001-2010.   In this paper, the software EVIEWS and panel data analysis were used to evaluate the effect of liquidity growth on savings rates.Present study demonstrates the undeniable role of economic growth on saving, because the estimations results indicate that although both variables of liquidity ratio and economic growth have significant and positive effect on saving, but economic growth is more effective which is fully reasonable.

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Gender Difference Effects on Contributing Factors of Intention to Be Involved In Knowledge Creation and Sharing


Pages: 893-907
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Gender Difference Effects on Contributing Factors of Intention to Be Involved In Knowledge Creation and Sharing

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Mohamed Jalaldeen Mohamed Razi --- Nor Shahriza Abdul Karim --- Norshidah Mohameda
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Mohamed Jalaldeen Mohamed Razi --- Nor Shahriza Abdul Karim --- Norshidah Mohameda (2014). Gender Difference Effects on Contributing Factors of Intention to Be Involved In Knowledge Creation and Sharing. Asian Economic and Financial Review, 4(7): 893-907. DOI:
The paper analyses the moderating effects of demographics factors of organizational members on the contributing factors of intention to be involved in Knowledge Management (KM) process; knowledge creation and knowledge sharing. The KM processes were operationalized through knowledge creation theory (SECI process). Data were collected from 313 executives in the Sri Lankan Telecommunication Industry using self-administered questionnaires. Two KM enablers; ‘trust & collaboration’ and ‘ICT use and support for search and sharing’, and two individual acceptance factors; ‘performance expectancy of KM’, and ‘effort expectancy of KM’ were considered as contributing factors of intention to be involved in KM process. The study found that gender moderates the relationship between ‘ICT use and support for search and sharing’, ‘performance expectancy of KM’ and intention to be involved in KM process. The findings suggest that if the policy makers in the industry are planning to implement KM initiatives, they should consider gender differences of the executives and the strategies should be formulated accordingly.

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Government Revenue and Expenditure in Nigeria: A Disaggregated Analysis


Pages: 877-892
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Government Revenue and Expenditure in Nigeria: A Disaggregated Analysis

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Damian C. Nwosu --- Harrison O. Okafor
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Damian C. Nwosu --- Harrison O. Okafor (2014). Government Revenue and Expenditure in Nigeria: A Disaggregated Analysis. Asian Economic and Financial Review, 4(7): 877-892. DOI:
This paper examined the relationship between both total (TEXP) and disaggregated government expenditure (current (TREXP) and capital expenditures (TCEXP)), and total (TREV) and disaggregated revenue (oil (OILREV) and non-oil revenues (NOREV)) in Nigeria using time series data from 1970 to 2011. The study utilized co-integration techniques and VAR models which included an Error Correction Mechanism (ECM) as the methods of analyses. The Co-integration tests indicate the existence of long run equilibrium relationships between government expenditure variables and revenues variables. The VAR results also show that total government expenditure, capital and recurrent expenditures have long run unidirectional relationships with total revenue, oil and non-oil revenue variables as well as unidirectional causalities running from expenditures to revenue variables. The findings support spend-tax hypothesis in Nigeria indicating that changes in government expenditure instigate changes in government revenue. The policy implication derivable from this study is that increase in government expenditure without a corresponding increase in revenue could widen the budget deficit. Therefore, government should explore other sources of revenue especially the non oil minerals sector, and also reduce the size of large recurrent expenditure and move towards capital and other investment expenditures. Government should also consider expenditure reforms analysis vis-? -vis taxes and all other revenues sources (oil and non oil) reforms in other to help set targets for revenue mobilization and utilization as well as device a way of expenditure spreading over the entire economy.

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An Empirical Analysis of Effective Customers Service on Nigeria Banks Profitability. (A Queuing and Regression Approach)


Pages: 864-876
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An Empirical Analysis of Effective Customers Service on Nigeria Banks Profitability. (A Queuing and Regression Approach)

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Harley Tega Williams --- Samson Ogege --- Joseph O. Ideji
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Harley Tega Williams --- Samson Ogege --- Joseph O. Ideji (2014). An Empirical Analysis of Effective Customers Service on Nigeria Banks Profitability. (A Queuing and Regression Approach). Asian Economic and Financial Review, 4(7): 864-876. DOI:
This study investigates the impact of various elements of customer services adopted by some Nigerians banks to improve bank profitability in the Nigerian banking industry. It examines the mean profit and how each of the customer service elements adopted by the banks has impacted on the banks profitability and the level of impact of each of them. The study applies a pure quantitative analysis using five big Nigerian banks as a case study within a framework called the Queuing technique. Queuing Analysis revealed that the average time a bank customer spends waiting in the queue to carryout banking transaction has a linear relationship with the bank profitability. After the 2004 Nigerian banks consolidation and the recent failure of banks, leads to the study that examines the effectiveness of customer service on banks profitability. We found out that poor customer service management in banks may reduce banks profitability and thus may cause bank financial distress. However, the study also establishes that there is an inverse relationship between banks customers services and profitability in Nigeria banks.

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The Study of Co-Integration and Casual Relationship Between Macroeconomic Variables and Insurance Penetration Ratio


Pages: 853-863
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The Study of Co-Integration and Casual Relationship Between Macroeconomic Variables and Insurance Penetration Ratio

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Poyesh Bahadori Jahromi --- Hojatallah Goudarzi
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Poyesh Bahadori Jahromi --- Hojatallah Goudarzi (2014). The Study of Co-Integration and Casual Relationship Between Macroeconomic Variables and Insurance Penetration Ratio. Asian Economic and Financial Review, 4(7): 853-863. DOI:
Insurance industry plays a key role in countries growth and development. Given the significant effect of economic environment on insurance industry, researchers have always attempted to identify the variables that affect this industry. In this direction, this study aims to investigate the casual relationship between macroeconomic variables i.e. gross domestic production (GDP), Inflation, and national per capita income with the insurance penetration ratio. To study the relationship and causality between the selected variables, the study applied the Johansenand Juselius co-integration and Granger causality methodology. The required data were collected from Iranian Central Bank, Statistics Center and Central insurance for the period of 1981-2011. The study found that the underlying macroeconomics variables and insurance penetration ratio are co-integrated and in short term; there is Bidirectional causal relationship between national per capital income and the insurance penetration ratio. The results further demonstrate that there is unidirectional causal relationship from the insurance penetration ratio to the gross domestic product (GDP). In the case of inflation and insurance penetration ratio, the study found no causal relationship between them. Finally through the use of combined test, the results suggest a causal relationship between inflation, national per capita income and GDP, and insurance penetration ratio in the long-run.

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