Asian Economic and Financial Review

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Online ISSN: 2222-6737
Print ISSN: 2305-2147
Total Citation: 1219

No.11

Hot and Cold Cycles for African Emerging Share IPO Market Evidence from Tunisia


Pages: 1691-1704
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Hot and Cold Cycles for African Emerging Share IPO Market Evidence from Tunisia

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L. Hedhili Zaier --- A. Kammoun Abdelmoula 
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L. Hedhili Zaier --- A. Kammoun Abdelmoula  (2014). Hot and Cold Cycles for African Emerging Share IPO Market Evidence from Tunisia. Asian Economic and Financial Review, 4(11): 1691-1704. DOI:
This paper seeks to detect hot and cold IPO cycles in the Tunisian share market using a Markov regime switching model. Using a set of IPO activity measures (number of IPOs, level of underpricing, market conditions and duration), we establish a model which estimates these activity measures in hot and cold periods respectively. We depict the turning points from 1998 to 2012 for each activity measure. It is found that Tunisian stock market is cold in the major period. As regards to cycles, the segmentation method gives almost the same periods, except for the trading volume which gives a different segmentation.
Contribution/ Originality
This study has two contributions. First, it is one of few studies detecting IPO cycles and turning points of hot/cold periods for Tunisian share market. Second, with eight IPO activity measures, we use Markov switching models to detect IPOs cycles and test if these cycles are similar for different activity measures.
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Commercial Bank Non-Interest Fee Charges: Are Fee Charges Different Between Islamic Banks and Conventional Banks? Evidence from Bangladesh


Pages: 1681-1690
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Commercial Bank Non-Interest Fee Charges: Are Fee Charges Different Between Islamic Banks and Conventional Banks? Evidence from Bangladesh

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Abdus Samad 
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Abdus Samad  (2014). Commercial Bank Non-Interest Fee Charges: Are Fee Charges Different Between Islamic Banks and Conventional Banks? Evidence from Bangladesh. Asian Economic and Financial Review, 4(11): 1681-1690. DOI:
In the Western world, consumers complain about the soaring of non-interest bank fees during the recent years, the post global financial crisis in particular. Commercial banks charge a variety of non-interest fees for their transactions. This paper empirically tests whether the free charges are significantly different between conventional commercial banks and interest free Islamic banks. The average noninterest expenses to assets are 0.017 and 0.011 for conventional banks and Islamic banks respectively. The paper finds, using parametric test and nonparametric tests, no significant differences in noninterest expenses between conventional banks and Islamic banks. The competitive banking market of Bangladesh, suggested by low Herfindahl-Hirschman Index, is an important factor for the equality of mean fee charges between the conventional banks and the Islamic banks.
Contribution/ Originality
This paper contributes to the existing banking literature by investigating whether there are differences in noninterest expenses between conventional banks and Islamic banks. This study applies parametric and non-parametric statistical tools. The paper’s primary contribution is the finding that there is no difference in noninterest expenses between the conventional banks and the Islamic banks. 
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Monetary Policy Transmission and Bank Lending In South Korea and Policy Implications


Pages: 1674-1680
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Monetary Policy Transmission and Bank Lending In South Korea and Policy Implications

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Yu Hsing 
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Yu Hsing  (2014). Monetary Policy Transmission and Bank Lending In South Korea and Policy Implications. Asian Economic and Financial Review, 4(11): 1674-1680. DOI:
This paper tests the bank lending channel for South Korea based on a simultaneous-equation model consisting of the demand for and the supply of bank loans. The three-stage least squares method is employed in empirical work. The demand for bank loans is negatively associated with the lending rate and positively affected by real GDP and the corporate bond yield. The supply of bank loans has a positive relationship with the lending rate and real bank deposits and a negative relationship with the central bank policy rate, the KRW/USD exchange rate and the 10-year U.S. government bond yield. Therefore, this study finds evidence of a bank lending channel for South Korea. Expansionary monetary policy through a lower policy rate or open market purchase of government bonds to increase bank deposits/reserves would increase bank loan supply.
Contribution/ Originality
This study contributes to the test of the bank lending channel for South Korea. Based on a simultaneous-equation model of demand and supply, this paper finds that bank deposits, the policy rate, the exchange rate and the U.S. interest rate play pivotal roles in determining bank loan supply. 
  1. Altunbas, Y., O. Fazylov and P. Molyneux, 2002. Evidence on the bank lending channel in Europe. Journal of Banking and Finance, 26(11): 2093-2110.
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Transaction Costs, Multiple Equilibria, and the Mundell Proposition


Pages: 1653-1673
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Transaction Costs, Multiple Equilibria, and the Mundell Proposition

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Hong-Yu Lin
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Hong-Yu Lin (2014). Transaction Costs, Multiple Equilibria, and the Mundell Proposition. Asian Economic and Financial Review, 4(11): 1653-1673. DOI:
This paper inserts Coase (1937) assertion into Mundell (1963) model. That is, investigating the robustness of Mundell (1963) proposition with the consideration of transaction costs in the labor market. The result shows that the existence of transaction costs makes the externalities of transaction costs in the labor market. Therefore, labor market appears to be multiple equilibria. If labor market appears as low-employment equilibrium, the Mundell proposition cannot work thoroughly under both fixed and flexible exchange rates. If labor market appears as high-employment equilibrium, the Mundell proposition is valid under fixed exchange rates but will be invalid under flexible exchange rates.
Contribution/ Originality

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Globalization Opportunities and Their Implications on Business Operations and Competitiveness of Companies in Bosnia and Herzegovina


Pages: 1638-1652
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Globalization Opportunities and Their Implications on Business Operations and Competitiveness of Companies in Bosnia and Herzegovina

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Hasan Mahmutovic --- Azra Hadziahmetovic --- Sead Talovic
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Hasan Mahmutovic --- Azra Hadziahmetovic --- Sead Talovic (2014). Globalization Opportunities and Their Implications on Business Operations and Competitiveness of Companies in Bosnia and Herzegovina. Asian Economic and Financial Review, 4(11): 1638-1652. DOI:
Globalization provides new business opportunities for companies all over the world and, at the same time, puts before them new challenges they need to adapt to in order to achieve success in the market. Also, global trends impose on the companies requirements for enhancement of competitiveness as a key determinant of their success in both local and international market. This research deals with the implications of globalization opportunities on business operations and competitiveness of companies in Bosnia and Herzegovina (hereinafter: B&H). The research findings have led to the conclusion that B&H companies demonstrate a substantial level of internationalization of business activities and that they use globalization opportunities to enhance their competitiveness, albeit at a low intensity. Apart from that, the research findings indicate that globalization has a more favorable impact on large companies than on small and medium-sized companies, because large companies use globalization opportunities more frequently for the purpose of performing their business operations in the international market and improving their competitiveness. 


Contribution/ Originality
This study is one of the very few studies which have investigated utilization of globalization opportunities by B&H companies in performing their business activities and enhancing their competitiveness. The papers’ original contribution is finding that globalization has a more favorable impact on large companies than on small and medium-sized companies. 
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Determinants of Children’s Health for Human Capital Accumulation: Empirical Analysis


Pages: 1622-1637
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Determinants of Children’s Health for Human Capital Accumulation: Empirical Analysis

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Tchouassi Gerard --- Ngwen Ngangue
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Tchouassi Gerard --- Ngwen Ngangue (2014). Determinants of Children’s Health for Human Capital Accumulation: Empirical Analysis. Asian Economic and Financial Review, 4(11): 1622-1637. DOI:
In this paper we study the determinants of children health resources for human capital accumulation on a sample of children living in Cameroon. Data are from Demographic and Health Survey (DHS-III). We find that using ordinary least squares (OLS): employment status of the mother is significant compared with growth indices of children. Age explains the nutritional status of long and short term children growth. Vaccination is significant related to the nutritional status of children with a positive impact on the long term. The level of maternal education positively influences the growth index in short term. Community infrastructures such as water, electricity and toilets are significant and positive in relation to the growth indices of children in the long term. Recommendations for economic policy suggest: (i) the improvement in health conditions using public and private investments in health infrastructures, (ii) the continuation of the vaccination program, and (iii) the advancement in medical and scientific knowledge in order to promote health capital of children for human capital accumulation. 
Contribution/ Originality
This study documents the determinants of children health resources for human capital accumulation. Findings indicate that economic variables, socio-demographic variables and public/private infrastructure variables are key determinants of children health.
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The Practice of Dividend-Yield Strategies in the Greater China Region


Pages: 1607-1621
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The Practice of Dividend-Yield Strategies in the Greater China Region

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Chin-Sheng Huang --- Chun-Fan You --- Jiang-Chuan Huang --- Su-Wen Kuo
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Chin-Sheng Huang --- Chun-Fan You --- Jiang-Chuan Huang --- Su-Wen Kuo (2014). The Practice of Dividend-Yield Strategies in the Greater China Region. Asian Economic and Financial Review, 4(11): 1607-1621. DOI:
Studies have shown that, under equally-weighted portfolio returns, dividend-yield strategies often exhibit anomalies in U.S. and European markets. However, Fama (1998) argued that long-term abnormal returns would disappear or shrink considerably if value-weighted returns are adopted. This study is the first to use an equally-weighted measure to show that this phenomenon is prevalent in the broad Chinese markets, covering China, Hong Kong, and Taiwan. While adopting the three-factor model and value-weighted measure, the differences between the returns of dividend yield portfolio and the market index still remain significantly positive. Further, the results remain largely unchanged after accounting for market liquidity. This phenomenon occurs during the two-year period immediately following dividend-announcements and gradually disappears in subsequent years.
Contribution/ Originality
This study adopts adopting the three-factor model and value-weighted measure, the differences between the returns of dividend yield portfolio and the market index still remain significantly positive. The results of this research may help shed more light on dividend-yield strategies among the white-hot in the Greater China region.
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Analyzing Factors to Improve Service Quality of Local Specialties Restaurants: A Comparison with Fast Food Restaurants in Southern Vietnam


Pages: 1592-1606
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Analyzing Factors to Improve Service Quality of Local Specialties Restaurants: A Comparison with Fast Food Restaurants in Southern Vietnam

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Lai Wang Wang --- Thanh Tuyen Tran --- Nhu Ty Nguyen
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Lai Wang Wang --- Thanh Tuyen Tran --- Nhu Ty Nguyen (2014). Analyzing Factors to Improve Service Quality of Local Specialties Restaurants: A Comparison with Fast Food Restaurants in Southern Vietnam. Asian Economic and Financial Review, 4(11): 1592-1606. DOI:
The top fast food restaurant brands like KFC and MacDonald?s have gone global and demonstrated their successful business strategies through providing quick-service and convenience for customers. Meanwhile, local specialty food has recently emerged as a phenomenon attracting customers? attention on traditional value of ethnic food culture. The purpose of this study is to conduct a regional survey in Vietnamese restaurant companies to identify some key factors that make customers interested in local dishes. Questionnaires were delivered to customers having meals at local specialty restaurants in Ho Chi Minh City, Vietnam. The restaurants? service quality focuses on six dimensions including price, healthy food, staff management, decoration, hygiene and location using a 5-rank scale measurement. The management staff of the surveyed restaurant companies demonstrated good level of knowledge on and awareness of doing business. However, issues of price and cultural management style in the restaurant business are insufficient. The results showed that the menu price for regular items of these specialty restaurants is not reasonable for most local diners to afford. Concerning about communication culture, the research interview also pointed out that the management staff should provide proper guidance for waiters on serving etiquette to make customer more satisfied. The main conclusion of this study is the need for collaboration between restaurant entrepreneurs in the area in order to implement the principles of healthy eating in out-of-home settings.
Contribution/ Originality
This study contributes in the existing theory of extending the impact of space service factors in determining the trends of customer loyalty and to clarify the practical benefits of the method built from the research’s findings provided by the researched service organizations.
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Exchange Rate Fluctuations and Macroeconomic Performance in Sub-Saharan Africa: A Dynamic Panel Cointegration Analysis


Pages: 1573-1591
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Exchange Rate Fluctuations and Macroeconomic Performance in Sub-Saharan Africa: A Dynamic Panel Cointegration Analysis

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Ade T. Ojo --- Philip O. Alege
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Ade T. Ojo --- Philip O. Alege (2014). Exchange Rate Fluctuations and Macroeconomic Performance in Sub-Saharan Africa: A Dynamic Panel Cointegration Analysis. Asian Economic and Financial Review, 4(11): 1573-1591. DOI:
In the light of the widespread effects of the recent global financial crisis on exchange rate and other macroeconomic developments, this paper investigates the implications of exchange rate fluctuations on output and other critical determining factors of exchange rates. We use Panel data set containing 40 countries from Sub-Saharan Africa (SSA) over a period of 13 years: 1995-2007. In the paper, we employ the dynamic generalized methods of moments (GMM) panel data framework using the xtabond2 Difference/ System GMM. We also examine the panel co-integration properties of the variables in order to establish long-run relationship between exchange rate and other macroeconomic variables in the SSA countries. The Panel Granger Causality test confirms the bilateral relationships between some variables in the model. Though the results of the study are tentative, in view of the many assumptions underlying the methods used, they reveal their potency to determine exchange rate (EER), a long-run relationship with variables of the model and bidirectional relationships. 
Contribution/ Originality
The study contributes to the existing literature on the widespread effects of the recent global financial crisis on exchange rate and other macroeconomic developments in Nigeria.
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The Effect of Oil Income on Real Exchange Rate in Iranian Economy


Pages: 1564-1572
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Adibeh Savari --- Hassan Farazmand --- Mehdi Basirat
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Adibeh Savari --- Hassan Farazmand --- Mehdi Basirat (2014). The Effect of Oil Income on Real Exchange Rate in Iranian Economy. Asian Economic and Financial Review, 4(11): 1564-1572. DOI:
This paper investigates the effect of oil income on real exchange rate defined in Iranian economy from 1981 to 2012. This study uses Unit Root Tests, Cointegration techniques, Engle-Granger test, Vector Error Correction Model (VECM). The main findings of this paper are: (i) long run relationship exists between the oil income and Real Exchange Rate (REXR). (ii) The real exchange rate is an important variable to the oil income and oil price, and devaluation will improve the income growth rate of Iran in the long run. (iii) Unilateral causality is found among the variables of the model. As implication, in order to achieve the desired effects on oil income, Iran should depend on policy that focusing on the variable of real exchange rate. The results show that there is a long run co-integration relation between oil income and real exchange rate.
Contribution/ Originality

  1. Amani, K., 2010. The relationship between dividend and stock prices. Tehran University, Master Thesis, Tehran.
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Capital Structure Decisions and Firm Performance of Vietnamese Soes


Pages: 1545-1563
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Capital Structure Decisions and Firm Performance of Vietnamese Soes

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Fu-Min Chang --- Yale Wang --- Nicholas Rueilin Lee --- Duong Thu La
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Fu-Min Chang --- Yale Wang --- Nicholas Rueilin Lee --- Duong Thu La (2014). Capital Structure Decisions and Firm Performance of Vietnamese Soes. Asian Economic and Financial Review, 4(11): 1545-1563. DOI:
This paper examines relationships between capital structure decisions, firm performance, and Vietnamese state-owned enterprises (SOEs). Capital structure decisions are considered by short- and long-term debts respectively. We consider 1,580 firm-quarter observations of Vietnamese non-financial listed firms during 2007?2011 by applying panel data regression. Our results show that short-term capital structures decisions are found to be significantly negative associated with accounting-based firm performance but long-term capital structures decisions are positively related to market-based firm performance. Additionally, due to socialist market economy reforms, we further show that SOEs are less dominant influence in firm performance. We also find no effects of taxation on firm performance after a series of deregulation of taxation. Finally, 2008 financial crisis event changes relations between capital structure decisions and firm performance of Vietnamese SOEs. Therefore, the Vietnamese experience offers an opportunity to gain new insight.


Contribution/ Originality
This paper contributes to the existing literature by investigating capital structure decisions and firm performance of Vietnamese SOEs.
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The Impact of Corporate Governance Variables on Non-Performing Loans of Nigerian Deposit Money Banks


Pages: 1531-1544
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The Impact of Corporate Governance Variables on Non-Performing Loans of Nigerian Deposit Money Banks

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Paul Aondona Angahar --- Simon Kolawole Mejabi
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Paul Aondona Angahar --- Simon Kolawole Mejabi (2014). The Impact of Corporate Governance Variables on Non-Performing Loans of Nigerian Deposit Money Banks. Asian Economic and Financial Review, 4(11): 1531-1544. DOI:
The objective of the study was to examine the impact of Corporate Governance variables of Board size(BS), Board Composition(BC), Composition of Audit Committee(CAC) and power separation(PS) on Non-performing Loans of Nigerian Deposit Money Banks; with a view to finding out whether there is significant impact or not. The researcher used secondary sources of data. The study examined the corporate governance variables amongst fourteen (14) quoted banks on Nigerian Stock Exchange from 2005-2011 using multivariate regression analysis. The findings showed that corporate governance variables of Board size, Board Composition, composition of audit committee and power separation have no significant impact on non-performing loans of Nigerian Deposit Money Banks. The study concluded that board size, board composition, composition of audit committee and power separation is not the reasons for the rising figure of non-performing loans of Nigerian Deposit Money Banks. Therefore, it is recommended that emphasis should be shifted from these explanatory variables (BS, BC, CAC and PS) to other corporate governance issues, such as insider abuse, transparency and accountability and so on, for further investigation. 
Contribution/ Originality
This study is one of very few studies which have investigated the impact of variables such as Board size, Audit Committee composition, power separation and Board composition on non-performing loans. The paper’s primary contribution is its finding that these variables have no impact on non -performing loans of Nigerian Deposit money banks.
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A Model for Estimating The Distribution of Future Population


Pages: 1515-1530
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A Model for Estimating The Distribution of Future Population

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Ben David Nissim --- Garyn-Tal Sharon
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Ben David Nissim --- Garyn-Tal Sharon (2014). A Model for Estimating The Distribution of Future Population. Asian Economic and Financial Review, 4(11): 1515-1530. DOI:
In most counties, statistical authorities collect data on the number of deaths in each age group. These data enables the calculation of life expectancy as well as the calculation of death and survival probabilities for each age group. In this paper, we develop an easy-to-use tool to estimate the distribution of future survivors for each cohort. Such a distribution defines the probabilities for the number of survivors at a given future time. Many institutions can benefit from the estimation of the distribution of future survivors (e.g., pension funds, geriatric institutions and medical authorities in general). Thus, our paper contributes not only to the literature on the projection of mortality rates, but it also has significant practical implications.
Contribution/ Originality
This study uses new methodology for estimating future distribution of survivors. Estimating the probability of Nt surviving individuals in time T via the continuous normal distribution solution requires a multiple-integral calculation. We suggest a compact model that allows doing the calculation via a single integral over the density distribution function.
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Estimate of Poverty Line and Analyze of Poverty Indices in Iran (1982-2007)


Pages: 1502-1514
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Estimate of Poverty Line and Analyze of Poverty Indices in Iran (1982-2007)

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Morteza Afghah --- Amin Mansour
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Morteza Afghah --- Amin Mansour (2014). Estimate of Poverty Line and Analyze of Poverty Indices in Iran (1982-2007). Asian Economic and Financial Review, 4(11): 1502-1514. DOI:
The purpose of this paper is to answer this question that if poverty status regarding various indices follow similar trends during the war between Iran and Iraq and developmental plans for urban and rural areas in Iran in 1982-2007 period. Using the Granger Causality test and correlation analysis, the inter-relation of indices and correlations among areas is examined. Results indicate that while the monthly poverty line in urban areas from 1982 to 2007 increased 80 times, monthly poverty line in rural areas increased from 1982 to 2007 increased 77 times. Granger causality test shows that rural poverty type did not affect other types of poverty; but some kinds of poverty indices in urban areas are very effective on each other. Finally, it reveals that the politics impacts on indices are different in various regions.  
Contribution/ Originality
This study is one of very few studies which have computed and compared all available indices related to poverty in Iran. Furthermore, this study contributes to the existing literature with examining the correlations between all estimated poverty indices. The Granger causality of similar indices between rural and urban areas is also computed.
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Cross Sectional Dependence and Cointegration Analysis among the GDP-Foreign Direct Investment and Aggregate Credits: Evidence from Selected Developing Countries


Pages: 1485-1501
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Cross Sectional Dependence and Cointegration Analysis among the GDP-Foreign Direct Investment and Aggregate Credits: Evidence from Selected Developing Countries

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Senturk Mehmet --- Akbas Yusuf Ekrem --- Ozkan Gokcen
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Senturk Mehmet --- Akbas Yusuf Ekrem --- Ozkan Gokcen (2014). Cross Sectional Dependence and Cointegration Analysis among the GDP-Foreign Direct Investment and Aggregate Credits: Evidence from Selected Developing Countries. Asian Economic and Financial Review, 4(11): 1485-1501. DOI:
In this study; it is investigated that gross domestic product (GDP), foreign direct investment (FDI) and aggregate credits (CR) relationship of seven developing countries over the period of 1982-2010. Firstly, CDLM tests were applied to detect the cross-sectional dependency. Then, SURADF and CADF tests were applied. According to cross-sectional augmented panel unit root test (CIPS) result that detect if the entire panel carries a unit root, is consistent with SURADF and CADF test results. Finally, cointegration is determined among GDP, FDI and CR in all cases via Westerlund (2007)) Error Correction and Westerlund and Edgerton (2007) Lagrange Multiplier (LM) Bootstrap panel cointegration tests.
Contribution/ Originality

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