• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.325-334
• /
• 2021

This study aims to investigate whether economic growth is elevated by banking industry development in Jordan. The study adopts time-series econometric methodologies, which comprise the bounds testing approach within the autoregressive distributed lag (ARDL) and the conditional causality analysis. Consistent with the assumptions of the adopted methodology, the study utilized annual time-series data for a relatively long period of thirty-nine years, between 1980 and 2018. The empirical results show that Jordan's economic growth is strongly responsive in respect to any changes in banking industry development. Also, the results reveal the harmful impact of rising lending interest rate; as this rate increases, economic growth will decrease. The findings are in line with the conceptual arguments of the supply-leading hypothesis, which confirmed that banking development is considered as one of the main pillars that have stimulating effects on economic growth. The evidence of the current study may provide important implications for policymakers and bankers. Those professionals should work to maintain a stable regulatory system that enhances the banking system function in activating economic growth. Also, a considerable focus should be placed on designing a steady interest rate policy to avoid the inherently undesirable impacts of high-interest rates on the Jordanian economy.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.4
• /
• pp.653-663
• /
• 2021

There has been a massive increase in household debt in China, especially in the last five of years. Learning from past experiences, the country needs careful forecasting that may help to form new policies or make amendments to the existing ones. This research paper aims to highlight the impact of the monetary policy on household debt in China. The study covers the time period from 1996 to 2020 The study employs a cointegration test, Autoregressive Distributed Lag Bound Test (ARDL) approach, a Augmented Dicky Fuller (ADF) and PP test (PMG) and time series data. The findings suggest on a quantitative analysis using a time-series model in which gdp per capita and interest rate has a positive impact on household debt whereas, cpi doesn't have significant impact. In a short-term variables relationship, household debt responds more to an increase in income than in the long-term. Also, the impact of interest rate changes on household debt is lower than income in the short run.The research suggests that there should be some restrictions on household debt and consumer financing provided to citizens and for this, appropriate leverage measures should be taken in order for the central bank to sustain robust macroeconomic conditions.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.5
• /
• pp.285-294
• /
• 2022

Using the ARDL approach, this study examined the impact of macro factors on Vietnam's stock market in the short and long run from 2010 to 2021. The State Bank of Vietnam and the International Monetary Fund provided time series data for this study. Research results show that in the long run, money supply and exchange rate respectively affect the stock market. The money supply had a positive effect on the VN-Index, while the exchange rate showed the opposite effect. However, the study did not find a relationship between world oil price and interest rates on VN-Index in the long run. On the other hand, in the short term, there are relationships between variables; specifically, interest rates and exchange rates have a negative impact on the VN-Index, while the world oil price and the fluctuation of money supply M2 of the previous one and two months showed an impact in the same direction on this index. The differences in the regression results on the impact of exchange rate and oil price on the VN-Index compared to previous studies come from the characteristics of Vietnam's stock market, with the large capitalization of companies in the oil and gas sector, and the structure of Vietnam's economy with export heavily depends on FDI sector.

• Journal of the Korean Data Analysis Society
• /
• v.20 no.6
• /
• pp.2953-2966
• /
• 2018

Housing prices are closely related to various variables that indicate macroeconomic conditions. In this paper, empirical analysis based on data is performed referring to previous studies. Focusing on the policy interest rate among the factors affecting the housing price, the non-linear impulse responses of other variables to the interest rate shock are analyzed. Using the random forest algorithm, the variable importance scores of the macroeconomic variables presented in the previous studies are calculated. After selecting the variables through this process, the impulse responses are calculated using a model that can capture non-linearity. According to the model, the responses of housing prices to the policy rate is only significant when the rate is raised. Especially, the impulse response is amplified when the shock increases due to the non-linear characteristics that can not be captured by the traditional VAR methodology. The analysis results suggest that the interest rate as a policy instrument should be approached from a more cautious perspective.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.2
• /
• pp.37-47
• /
• 2022

This study uses monthly data from January 2009 to December 2020 to examine the effectiveness of foreign currency intervention and its influence on monetary policy in Vietnam using a Hierarchical Bayesian VAR model. The findings suggest that foreign exchange intervention has little influence on the exchange rate level or exports, but it can significantly minimize exchange rate volatility. As a result, we can demonstrate that the claim that Vietnam is a currency manipulator is false. As well, the forecast error variance decomposition results reveal that interest rate differentials mainly determine the exchange rate level instead of foreign exchange intervention. Moreover, the findings suggest that foreign exchange intervention is not effectively sterilized in Vietnam. Inflation is caused by an increase in international reserves, which leads to an expansion of the money supply and a decrease in interest rates. Although the impact of foreign exchange intervention grows in tandem with the growth of international reserves, if the sterilizing capacity does not improve, rising foreign exchange intervention will instead result in inflation. Finally, we use a rolling window approach to examine the time-varying effect of foreign exchange intervention.

• Communications for Statistical Applications and Methods
• /
• v.31 no.5
• /
• pp.535-556
• /
• 2024

Measuring stock market volatility and its determinants is critical for stock market participants, as volatility spillover effects affect corporate performance. This study adopted a novel approach to analysing and implementing GARCH-MIDAS modelling methods. The classical GARCH as a benchmark and the univariate GARCH-MIDAS framework are the GARCH family models whose forecasting outcomes are examined. The outcome of GARCH-MIDAS analyses suggests that inflation, interest rate, exchange rate, and oil price are significant determinants of the volatility of the Johannesburg Stock Market All Share Index. While for Nigeria, the volatility reacts significantly to the exchange rate and oil price. Furthermore, inflation, exchange rate, interest rate, and oil price significantly influence Ghanaian equity volatility, especially for the long-term volatility component. The significant shock of the oil price and exchange rate to volatility is present in all three markets using the generalized autoregressive conditional heteroscedastic-mixed data sampling (GARCH-MIDAS) framework. The GARCH-MIDAS, with a powerful fusion of the GARCH model's volatility-capturing capabilities and the MIDAS approach's ability to handle mixed-frequency data, predicts the volatility for all variables better than the traditional GARCH framework. Incorporating these two techniques provides an innovative and comprehensive approach to modelling stock returns, making it an extremely useful tool for researchers, financial analysts, and investors.

• Journal of the Korean Statistical Society
• /
• v.4 no.2
• /
• pp.113-125
• /
• 1975

The money market has been existing in various forms for a long time. Until 1972, however, the market had supplied mainly short-term loans of commercial banks and loans of informal money lenders to business corporations. There was no market for notes and commercial papers of business corporations. Consequently, business corporations had to rely primarily upon commercial banks for short-term credit loans to supplement their working capital. The interest rate on loans of commercial banks had been set below a free market equilibrium rate and thereby, generated excess demands for the loans. Unsatisfied potential borrowers thus had to turn to informal money lenders for short-term cerdit loans of prohibitively high interest rate. Since 1972 investment and finance companies have been operating in the money market and their role in mobilizing short-term loans is increasing. This paper aims at estimating the equilibrium size of the money market.

• Journal of Navigation and Port Research
• /
• v.43 no.2
• /
• pp.134-141
• /
• 2019

The objective of this study was to establish whether global macroeconomic indicators affect the profitability of Korean shipping companies by using panel regression analysis. OROA (operating return on assets) and ROA (ratio of net profit to assets) were selected as proxy variables for profitability. OROA and ROA were used as dependent variables. The world GDP growth rate, interest rate, exchange rate, stock index, bunker price, freight, demand and supply of the world shipping market were set as independent variables. The size of the firm was added to the control variable. For small-sized firms, OROA was not affect by macroeconomic indicators. However, ROA was affected by variables such as interest rates, bunker prices, and size of firms. For medium-sized firms, OROA was affected by demand, supply, GDP, freight, and asset variables. However, macroeconomic indicators did not affect ROA. For large-sized firms, freight, GDP, and stock index (SCI; Shanghai Composite Index) have an effect on OROA. ROA was analyzed to be influenced by bunker price and SCI.

• Journal of the Institute of Electronics and Information Engineers
• /
• v.51 no.9
• /
• pp.229-237
• /
• 2014

This paper presents a video bitrate converter for baseline profile in H.264/AVC standards to control a selective coding scheme for several applications such as tactical scenes or multimedia area. Transmission channels have various capacities according to the application area, and the bitstream stored in computer should be converted in order not to exceed the capacities of a transmission channel. So the problem is how to convert compressed bitsreams of a given bit-rate into compressed bitsreams of other bit-rates. Such a specific transcoding problem in this paper is referred to as bit-rate conversion. Several researches have been done on bit-rate conversion for the bitstreams compressed by MPEG or H.264/AVC. But the existing schemes are not suitable for selective coding scheme because it needs to recover interest regions better image quality than background. So we propose a new bit-rate converter which considers the importance between interest regions and background.

• Journal of Technologic Dentistry
• /
• v.21 no.1
• /
• pp.189-208
• /
• 1999

This is a study of view of college life on 1002 students in the dept. of the dental laboratory technology of 8 colleges in the country. Made a question survey on conclusion of college life, such as purpose of entering college and satisfaction, college life and sense of values and relationship to professors and analysed it through statistics. 1. Purpose of entering college and satisfaction of college. Most students motive to enter college was a preparatory step for future job as 73.3% of reponse rate. The dissatisfaction of college after entering was 42.5%, students of the metropolitan area showed 47.1%(p<.01) of response rate and college woman showed 48.2%(p<.05) of response rate. As for the datils of dissatisfaction of college than expected, the absence of romanticism and academic atmosphere was 38.1% and poor practice(facilities) was 32.4%. the students of the metropolitan area showed rater high rate(p<0.1) and sophomore students showed high rate(p<.05) as 40.6% 2. College Life and sense of values. Students showed the greatest interest in employment(27.0%) during attending and in deciding future plan(26.9%) after graduation. They responded a desirable attitude as a college students was a active and autonomous attitude as 34.0%. The best image of a college student was a student helping his/her peers with deep interest as 65.5%. The greatest trouble in college life was still future plan(27.7%). 3. Relationship to professors. Most responded they did not have professors to consult in the department as 72.4%. As a reason for this, insufficient oppartunity to talk with professors was the highest as 29.8%. They wanted any professor with much interest in employment of students as the best image of a professor(40.7%) and wanted to come into close relation with professors(30.9%).