Asian Economic and Financial Review

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

No.12

Investors Legitimate Expectations and the Interests of the Host State in Foreign Investment


Pages: 1906-1918
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Investors Legitimate Expectations and the Interests of the Host State in Foreign Investment

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Zeinab Asqari 
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Zeinab Asqari  (2014). Investors Legitimate Expectations and the Interests of the Host State in Foreign Investment. Asian Economic and Financial Review, 4(12): 1906-1918. DOI:
Protection of investor’s legitimate expectations is one of the commitments that international investment law impose on host states. Though this commitment is not stated directly in treaty texts, but arbitration case law has distinguished it as an inseparable element of a fair and equitable treatment standard. The idea of legitimate expectations is trying to support the stability and predictability of the legitimate space of the host country. However, legitimate expectation is not an abstract concept and each hypothesis is meaningful in special situations. For a fair and equitable treatment, it is necessary that the legitimate expectations of the investor be Proportionate against general interests of the host state, legislation rights of the state and so on.


Contribution/ Originality

  1. Pandya, A.P., 2011. Interpretations and coherence of the fair and equitable treatment standard in investment treaty arbitration. The London School of Economics and Political Science (LSE).
  2. Schill, S.W., 2006. Fair and equitable treatment under investment treaties as an embodiment of the rule of law. Transnational Dispute Management (TDM), 3(5): 115-141.
  3. Tudor, I., 2008. The fair and equitable treatment standard in the international law of foreign investment. Oxford: Oxford University Press.

Stock Liquidity Determination Evidence from Amman Stock Exchange


Pages: 1894-1905
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Stock Liquidity Determination Evidence from Amman Stock Exchange

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Khaled Lafi Alnaif 
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Khaled Lafi Alnaif  (2014). Stock Liquidity Determination Evidence from Amman Stock Exchange. Asian Economic and Financial Review, 4(12): 1894-1905. DOI:
This study aims to investigate and examine the factors affecting stocks liquidity by using data of 100 share holding companies that represent Amman Stock Exchange (ASE) index in the recent period from 2011 to 2013. The result of fixed effects regression model indicates that firm’s size and earnings per share (EPS) have a significant positive impact on stock liquidity proxies. While firm?s profitability have a significant negative impact. On the other hand, the results indicate a non significant statistical effect of stock dividends and firm?s leverage ratio. Based on the study?s results we recommend that it is better for investors and stock market authority to consider these variables in stock liquidity forecasts.
Contribution/ Originality
This study is one of the very few studies which have investigated the determination of stock liquidity in emerging markets. Most of the previous empirical studies focuses on the market liquidity as a whole. Therefore this study attempts to fill this gap by providing an empirical evidence and stimulating discussion about this issue. Thus we expect that this paper will contribute to the stock liquidity literature in Jordan, and we expect that its results will be helpful and useful for investors and market management.
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A Review of Real Estate Valuation and Optimal Pricing Techniques


Pages: 1878-1893
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Kehinde Adekunle Adetiloye --- Patrick Omoruyi Eke 
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Kehinde Adekunle Adetiloye --- Patrick Omoruyi Eke  (2014). A Review of Real Estate Valuation and Optimal Pricing Techniques. Asian Economic and Financial Review, 4(12): 1878-1893. DOI:
Real estate is a unique asset whose valuation is critical to its management and development. Its uniqueness lies in the fact that in most economies, unlike the stock market, there is absence of an active interaction between sellers and buyers as in the normal market to establish price, hence most property portfolio decisions are based on subjective valuation rather than price. This paper analysed and reviewed the relevant theories and literature with the quest to establish a valuation model that can serve as proxy for optimal price. Achieving optima and efficient pricing requires that valuation serve as accurate reflection of all available and relevant information about the property. Contemporary traditional valuation models and approaches reviewed include the traditional market or sales comparative approach, cost approach, income capitalization approach, the hedonic models, mean or median transaction prices, repeat-sales method, hybrid methods, the option model, the equivalent yield model, the constant growth model, and periodic growth or equated yield model. It is suggested that the optimal value of a property or a real estate equates market value, to the true value and present value.
Contribution/ Originality
This study documents and evaluates the various models used in real estate appraisals and valuations bringing out the basis for them and justifying their use. The literature introducing their use is generally surveyed while it states the general line of thoughts expected to be followed by a valuer in adopting a particular model.
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The Effect of Corporate Governance on Firm Performance, Evidence from Egypt


Pages: 1865-1877
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The Effect of Corporate Governance on Firm Performance, Evidence from Egypt

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Rimon Emile --- Aiman Ragab --- Sandy Kyaw 
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Rimon Emile --- Aiman Ragab --- Sandy Kyaw  (2014). The Effect of Corporate Governance on Firm Performance, Evidence from Egypt. Asian Economic and Financial Review, 4(12): 1865-1877. DOI:
Corporate governance is well thought-out to have major implications for the growth prediction of an economy. Fine corporate governance practices are viewed as important in decreasing risk for investors; catch the attention of investment capital and improving the performance of firms. However, the way in which corporate governance is prearranged differs between countries, relying on their economic, political and social circumstance.
Contribution/ Originality
The study is one of very few studies which have investigated the relationship between corporate governance dimensions and firm performance on the Egyptian market. The performance is measured using both book measures and market measures. Our study would compare between the effects of different corporate governance mechanisms on firm performance.
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The Effect of Business Process Re-Engineering Factors on Organizational Agility Using Path Analysis: Case Study of Ports & Maritime Organization in Iran


Pages: 1849-1864
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Mahmoudi Maymand, Mohammad --- Mollaei, Elaheh 
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Mahmoudi Maymand, Mohammad --- Mollaei, Elaheh  (2014). The Effect of Business Process Re-Engineering Factors on Organizational Agility Using Path Analysis: Case Study of Ports & Maritime Organization in Iran. Asian Economic and Financial Review, 4(12): 1849-1864. DOI:
Ports and Maritime organization that is in charge of handling the highest volume of container operations in Iran plays a very important role in economy and trade of that country This organization is also trying to maintain a high level of responsiveness to achieve agility and to remain competitive in the global marketplace, and so it needs to consider Business Process Re-engineering (BPR). Application of business process re-engineering is the way for successful re-engineering of processes. The present study is aimed at investigating the effect of business process re-engineering factors on organizational agility using path analysis in Ports and Maritime Organization of Iran. BPR factors are operationalized by cultural factors, communications, methodology, project management, strategic alignment, information technology, leadership, empowerment, and performance management.Initially the theoretical principles were discussed. The  data  gathered  in  this  stage  provided  us  with  the  possibility  to  present  a  conceptual framework  for  the  study.  Subsequently, through interviewing with experts, some indices for evaluating the variables in the model were identified. On the following stage, a questionnaire was developed.  The  questionnaire  included  55  items,  based  on  a  5-point  Likert  scale. 120 questionnaires were distributed to marine, training, assessment, financial, and information technology (IT) divisions of Ports & Maritime Organization. Using path analysis, with partial standardized regression coefficient, the priority and grade of every independent variable could be defined based on affecting the depended variable. The results of the research revealed that leadership and empowerment variables had the most effect on organizational agility than other variables.
Contribution/ Originality
This study contributes in the existing literature by using Path Analysis method to describe the effect of BPR factors on organizational agility.  It is the first which have been prioritized leadership, empowerment, IT, cultural factors, project management, methodology, performance management, communications, and strategic alignment variables as effective variables on organizational agility.
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The Random Walk Theory: An Empirical Test in the Nigerian Capital Market


Pages: 1840-1848
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The Random Walk Theory: An Empirical Test in the Nigerian Capital Market

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NWIDOBIE, Barine Michael 
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NWIDOBIE, Barine Michael  (2014). The Random Walk Theory: An Empirical Test in the Nigerian Capital Market. Asian Economic and Financial Review, 4(12): 1840-1848. DOI:
The movement of stock prices has been found to be random in some capital markets across the world and in others non-random. Analysis of all-price-index (API) data of shares of listed firms on the Nigerian Stock Exchange from January 2000 to December 2012 using the Augmented Dickey-Fuller (ADF) test shows that share price movements on the Nigerian Stock Exchange do not follow the random walk pattern described by Fama (1965), and thus the random walk hypothesis is not supported by findings in the Nigerian capital market. Results also indicate the existence of market inefficiencies in the Nigerian capital market necessitating the inflow of cheap and free information about security fundamentals into the market for share pricing by the forces of demand and supply.
Contribution/ Originality
This study contributes to the existing on the random walk theory as research results shows that share prices in the Nigerian capital market do not follow the random pattern as described by Fama (1965).
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Financialization Of Household Sector In Turkey., 2000-2013


Pages: 1826-1839
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Financialization Of Household Sector In Turkey., 2000-2013

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Isil Tellalbasi 
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Isil Tellalbasi  (2014). Financialization Of Household Sector In Turkey., 2000-2013. Asian Economic and Financial Review, 4(12): 1826-1839. DOI:
In financialization age which is last stage of capitalism, traditional banking governance have changed their role. Banking has become mainly dependent on lending individuals without regulation. Household indebtedness was a contributing factor to the financial crisis as homeowners were unable to meet their debt obligations, such as rising credits, credit card payments. We empirically examine the relationship between Turkey output and household debt. To account for structural change due to financial deregulation, we divide the sample at the after 2000 year. In the regression analysis post 2000, we find some evidence that household debt variables had positive effect on output.
Contribution/ Originality
This study originates new formula of ADL regression analysis with different parameters which have used at first time in Turkey as a household of financialization.
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Empirical Analysis of Internet Banking Adoption in Tunisia


Pages: 1812-1825
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Empirical Analysis of Internet Banking Adoption in Tunisia

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Wadie Nasri --- Mohamed Zarai 
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Wadie Nasri --- Mohamed Zarai  (2014). Empirical Analysis of Internet Banking Adoption in Tunisia. Asian Economic and Financial Review, 4(12): 1812-1825. DOI:
This paper aims to identify empirically the factors influencing the intention to use Internet Banking in Tunisia. The impact of perceived usefulness, perceived ease of use, awareness, social norm, security and privacy, and computer self efficacy on intention to use Internet banking is tested through structural equation modelling techniques. The 284 self-administrated questionnaires were collected from Tunisian’s customers who are using banking services in Tunisia. The findings of the study suggest that customer intention to use Internet banking can be affected by perceived usefulness and perceived ease of use of Internet banking. In turn, perceived usefulness can be affected by both perceived ease of use and influence social. Customers’ perceived ease of use can be determined by security and privacy and customers’ self-efficacy, and social influence. These findings may provide for banks useful guidelines for developing Internet banking systems in order to deliver services effectively.
Contribution/ Originality
This study contributes in the existing literature by formulating and validating Extended Technology Acceptance Model (TAM) to identify the factors that encourage customers to adopt Internet Banking in Tunisia and to use the study’s findings to develop guidelines for bank management on how to maximize the rate of adoption of Internet Banking.
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Imagining Alternative Modernity: Negotiating Islamic-Ness and Malay-Ness on Popular TV Fiction


Pages: 1798-1811
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Imagining Alternative Modernity: Negotiating Islamic-Ness and Malay-Ness on Popular TV Fiction

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Mohd Muzhafar Idrus --- Ruzy Suliza Hashim --- Raihanah M. M. 
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Mohd Muzhafar Idrus --- Ruzy Suliza Hashim --- Raihanah M. M.  (2014). Imagining Alternative Modernity: Negotiating Islamic-Ness and Malay-Ness on Popular TV Fiction. Asian Economic and Financial Review, 4(12): 1798-1811. DOI:
Malay cultural identity in Malaysia has historically been wrought by the contradictions inherent in its colonial discourses, and among the Malays themselves -a transition that was made possible by virtue of religion, language, and customs. Now, television fiction (TV fiction) has transpired debates to account for its interconnectedness and Malay identity, moving away from the established works found in most short stories, novels, poems memoirs, and (auto) biographies. Instead, this paper reveals the fragmentations of Malay cultural identity which are not simply about embracing Islam, speaking the Malay language, or believing in the Malay customs, but engage with the figurative crossings of Malayness and un-Malayness in Malaysian popular TV fiction- Julia and On Dhia. Through conversation analysis of transcribed episodes, the ubiquitous alternative Malay identity issues are revealed. Specifically, this research shows that they are inextricably connected to the wider spheres of Malayness through the appropriation of media. While the issues in these TV fiction texts all strive for a degree of negotiated inclusion in their alternative Malay lives, the balance between negotiation of their subjectivities depends on the extent to which they are positioned in a wider socio-political experiences. This study lends a support to the claim that there is a dire need to position these alternative Malay realities across TV fiction in the field of postcolonial literature.
Contribution/ Originality

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The Extent of Jordanian Banks Commitment in Applying the Principles of Corporate Governance


Pages: 1784-1797
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The Extent of Jordanian Banks Commitment in Applying the Principles of Corporate Governance

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Eman Al Hanini 
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Eman Al Hanini  (2014). The Extent of Jordanian Banks Commitment in Applying the Principles of Corporate Governance. Asian Economic and Financial Review, 4(12): 1784-1797. DOI:
This study aimed to reveal the extent of Jordanian banks? commitment to apply the principles of corporate governance.  And to achieve this objective , a questionnaire was designed and distributed to a sample consisted of 120 respondents of the general managers? assistants, managers of the administrations , managers of the branches, the assistants of the managers of the branches and the employees of the audit departments in the Jordanian banks.  After data was analyzed using SPSS, the study concluded that the Jordanian banks are committed to apply the principles of the corporate governance regarding protecting the rights of the stakeholders and the shareholders and treating them fairly. Moreover, the Jordanian banks are committed to issue systems that determine the powers of the Board of Directors and its executive administration and its responsibilities. And the members of the board of directors in the Jordanian banks committed to the rules and the ethics of the professional functional work, to the disclosure and the transparency of the information published and to fulfill their social responsibilities towards the community.The study recommended the necessity of the control and supervision authorities to encourage all the banks to follow the approach of the banks regarding their commitment to the principles of the corporate governance regarding the social responsibility, and the necessity of establishing a private committee of the governance named the committee of corporate governance that cares of planning, revising and controlling the operations of the governance. Moreover, the necessity to make corrections whenever there is a need.
Contribution/ Originality

  1. Abo Zer, A., 2006. A proposed strategy to improve the efficiency of the corporate governance in the banking sector. PHD Thesis at Amman University. Amman. Jordan.
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Effectiveness of Foreign Aid in Facilitating Foreign Direct Investment: Evidence from Four South Asian Countries


Pages: 1770-1783
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Effectiveness of Foreign Aid in Facilitating Foreign Direct Investment: Evidence from Four South Asian Countries

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T.Bhavan 
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T.Bhavan  (2014). Effectiveness of Foreign Aid in Facilitating Foreign Direct Investment: Evidence from Four South Asian Countries. Asian Economic and Financial Review, 4(12): 1770-1783. DOI:
This empirical study investigates whether foreign aid is effective in facilitating foreign direct investment inflows into the selected South Asian countries during the period of 1995-2012.  Using panel data, the fixed-effects estimator is employed. The results derived from this study suggest that infrastructure aid is effective in facilitating FDI into the South Asian countries of which aid for social infrastructure is relatively more effective than that of other types of aid. In the donor side, aid from UK has significant effect on FDI whereas aid from USA, Germany and Netherlands has marginal effect. The aid from Japan does not facilitate FDI flow into these recipient countries.
Contribution/ Originality
This study is one of very few studies which have investigated the relationship between disaggregated foreign aid and foreign direct investment. The findings of this study would be helpful to the policy makers to recognize the effectiveness of particular aid components which serves as complementary in attracting foreign direct investment.
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Governance, Ownership Structure and Reporting Features: The Case Study of an Italian Social Cooperative Network


Pages: 1741-1769
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Governance, Ownership Structure and Reporting Features: The Case Study of an Italian Social Cooperative Network

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Francesco Agliata --- Caterina Ferrone --- Danilo Tuccillo 
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Francesco Agliata --- Caterina Ferrone --- Danilo Tuccillo  (2014). Governance, Ownership Structure and Reporting Features: The Case Study of an Italian Social Cooperative Network. Asian Economic and Financial Review, 4(12): 1741-1769. DOI:
The diffusion and the consolidation of the experiences and the realities of the third sector were determined during the ’80s and ’90s, in concomitance with the reflection and the reorganization of the social politics, oriented to individualize and to put new modalities of intervention to answer to the multiplication and the plurality of the demands and the social questions.In this context it always assumes great weight and scientific importance the analysis and the study of the phenomenon of the cooperation, especially, the no profit ones.First of all, we presented the main characteristics and the historical evolution of the social cooperatives in the context of investigation, the Italian law and economic system, focusing on the aggregation of this particular kind of enterprises. Secondly, we also investigated the aggregation consortium about the relationships between: - the governance; - the building of business relationships with other partners such as other socials enterprises, third sector organizations, public administrations, profit companies; - the implementation of a global informative system (social and economic). Our research is supported by a business case study. In this analysis, developed on the Solco Imola Consortium, we showed that in this organization, the multistakeholder approach has a significant impact on the financial reporting system. In fact, we analyzed the instruments and the content of the external information of Solco Imola Consortium, observing an hardest presence of non financial information in its external reporting, and an extension of the financial reporting both in the time-side and in the space-side. This organization showed a particular integration between the consolidated financial statement and the social balance that we defined aggregate balance. 
Contribution/ Originality
 The subject of this research is represented by a particular form of business aggregation, defined as a formal and democratic aggregation, as the consortium that  is constituted by social cooperatives on the existing relationship between the governance and the Financial Reporting System.
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Employee Branding Model Based on Individual and Organizational Values in the Iranian Banking Industry


Pages: 1726-1740
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Employee Branding Model Based on Individual and Organizational Values in the Iranian Banking Industry

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Behrouz Lari Semnani --- Rasoul Sanavi Fard 
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Behrouz Lari Semnani --- Rasoul Sanavi Fard  (2014). Employee Branding Model Based on Individual and Organizational Values in the Iranian Banking Industry. Asian Economic and Financial Review, 4(12): 1726-1740. DOI:
In the competitive world of today, every company knows that their main asset is human resources, since employees have a crucial role in building strong a brand. But researches show that more managers do not pay attention to it. Employee branding is a new theory that helps the manager realize the role of employees in building a brand. Therefore, the present study aimed to identify employee branding theory in organization, specifically to explore the role of individual and organizational values in employee branding. In the present study, employee branding model was based on individual and organizational values used in banking industry. Research statistical population consisted of employees of Mellat Bank in Qom and Arak cities. Sampling method for Mellat Bank was cluster method. Data collection instrument was questionnaire. Partial Least Square (PLS) was used to analyze the data. The results of Partial Least Square confirmed model fitness in studied population. Likewise, the results from path analysis showed that organization and individual values had significant influences on employee branding.
Contribution/ Originality
The paper’s primary contribution is finding employee branding model based on individual and organizational values.
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A Simultaneous-Equation Model of Short-Run Determinants of the PKR/USD Exchange Rate


Pages: 1719-1725
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A Simultaneous-Equation Model of Short-Run Determinants of the PKR/USD Exchange Rate

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Yu Hsing 
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Yu Hsing  (2014). A Simultaneous-Equation Model of Short-Run Determinants of the PKR/USD Exchange Rate. Asian Economic and Financial Review, 4(12): 1719-1725. DOI:
This paper examines the determinants of the exchange rate between the Pakistani rupee (PKR) and the U.S. dollar (USD) based on a simultaneous-equation model consisting of demand for and supply of the U.S. dollar. Empirical results show that the PKR/USD exchange rate is positively associated with the real U.S. policy rate, real GDP in Pakistan, real U.S. stock prices and the expected PKR/USD exchange rate and is negatively affected by the real Pakistani discount rate, U.S. real GDP, and real stock prices in Pakistan. Hence, policy rates, real GDP or income, stock prices and expected exchange rates play important roles in exchange rate determination in the short run.
Contribution/ Originality
This paper applies a simultaneous-equation model to examine the PKR/USD exchange rate in the short run. Interest rates, real GDP, stock prices and the expected exchange rate in Pakistan and the U.S. play important roles in determining the PKR/USD exchange rate in the short run.
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Transaction Costs, Multiple Equilibria, and Currency Devaluation


Pages: 1705-1718
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Transaction Costs, Multiple Equilibria, and Currency Devaluation

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Hong-Yu Lin 
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Hong-Yu Lin  (2014). Transaction Costs, Multiple Equilibria, and Currency Devaluation. Asian Economic and Financial Review, 4(12): 1705-1718. DOI:
This paper attempts to examine the effect of a currency devaluation on domestic output by incorporating the Coase (1937) assertion into a standard open economy model. Our results show that there will be multiple equilibria in the labor market, i.e. low or high employment equilibrium, because of transaction cost externalities. If the labor market is in the high-employment equilibrium, a currency devaluation will depress domestic output. Conversely, a currency devaluation will enhance domestic output when the labor market is in the low-employment equilibrium. This conclusion provides an explanation for the mixed effect of the currency devaluation on domestic output in the empirical studies.
Contribution/ Originality
This study document is the first one that incorporates the transaction costs into an open-economy macroeconomic model and tries to explain through mathematical inference why the findings of the empirical studies produced mixed results of the devaluation effects on domestic output.
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