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Econometric Analysis of Exchange Rate and Export Performance in a Developing Economy


Pages: 334-348
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DOI: 10.18488/journal.aefr/2017.7.4/102.4.334.348


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Stephen ARO-GORDON
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Stephen ARO-GORDON (2017). Econometric Analysis of Exchange Rate and Export Performance in a Developing Economy. Asian Economic and Financial Review, 7(4): 334-348. DOI: 10.18488/journal.aefr/2017.7.4/102.4.334.348
The study investigated the causal relationship between currency exchange rate (EXR) and export growth (EXP) in Nigeria, Africa’s largest economy and most populous nation. The study used econometric tools for the analysis based on statutory annual data over the period 1970s-2014. It is shown that EXR and EXP are not co-integrated and, hence, a long-run equilibrium relationship may not exist between them. The Granger causality test shows significant absence of short-run nexus between EXR and EXP, but there is a unidirectional causality running from EXR to EXP with no feedback. It is inferred that while the EXR may have significant impact on EXP, EXP in a single commodity (crude oil)-dependent economy like Nigeria, may have very little impact on EXR. Thus, the long-held thesis that if you devalue the currency, you will export more is not empirically supported in the Nigerian case. The implications of these findings for sustainable fiscal policy development and some suggestions for future research are discussed.

Contribution/ Originality
This study documents the causal linkages between foreign exchange rate management and export performance in an emerging market economy and the policy implications for sustainable private sector development. Empirical evidence is provided on the limitation of exchange rate policy to drive export growth in a peculiar developing economy like Nigeria.
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Econometric Analysis of Exchange Rate and Export Performance in a Developing Economy


Pages: 349-357
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Econometric Analysis of Exchange Rate and Export Performance in a Developing Economy

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DOI: 10.18488/journal.aefr/2017.7.4/102.4.349.357


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Niu Weining
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Niu Weining (2017). Econometric Analysis of Exchange Rate and Export Performance in a Developing Economy. Asian Economic and Financial Review, 7(4): 349-357. DOI: 10.18488/journal.aefr/2017.7.4/102.4.349.357
This study models firm’s financing policy and investment level when manager and outside investors has disagreement. It shows that the firm is more likely to over invest when the level of disagreement is high, and prefers debt financing; while under invests with lower disagreement level and tends to equity financing. Compared with self-financing, investment at firm level decreases, the over (under) investment level also declines and the threshold of disagreement rises when the firm chooses external financing. The numerical simulation also verifies the theoretical findings.

Contribution/ Originality
In the circumstances of disagreement between manager and outside investors, the paper theoretically find that firm prefers debt financing and more likely to over invest with higher disagreement level. Compared with self-financing, total investment and over (under) investment level declines, and the threshold of disagreement rises when choosing external financing.
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The Causal Relationships between Components of Customer-Based Brand Equity for a Destination: Evidence from South Korean Tourists in Danang City, Vietnam


Pages: 358-367
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The Causal Relationships between Components of Customer-Based Brand Equity for a Destination: Evidence from South Korean Tourists in Danang City, Vietnam

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DOI: 10.18488/journal.aefr/2017.7.4/102.4.358.367


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Tran Trung Vinh --- Vo Thi Quynh Nga --- Nguyen Phuc Nguyen 
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Tran Trung Vinh --- Vo Thi Quynh Nga --- Nguyen Phuc Nguyen  (2017). The Causal Relationships between Components of Customer-Based Brand Equity for a Destination: Evidence from South Korean Tourists in Danang City, Vietnam. Asian Economic and Financial Review, 7(4): 358-367. DOI: 10.18488/journal.aefr/2017.7.4/102.4.358.367
The main purpose of this study is to examine the causal relationships between components of customer-based brand equity for a tourist destination. We have collected data from 252 South Korean tourists in Danang City and tested some hypotheses by applying structural equation modeling (SEM). Results show that: (1) destination brand awareness has a significant and positive effect on destination brand image, but not on destination perceived quality and destination brand loyalty; (2) destination brand image has positive and direct influences on destination perceived quality and destination brand loyalty; and (3) destination perceived quality has significant positive impacts on destination brand loyalty. Lastly, these findings have managerial implications for decision makers.

Contribution/ Originality
This study is the first research conducted which examines the causal relationships between components of customer-based brand equity for Danang City as a tourism destination in the case of South Korean tourists. Therefore, the findings have provided policymakers with managerial implications for strategic planning of tourism development for this destination.
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