• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.185-195
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• 2020

The study investigates the impact of globalization on coal consumption in Vietnam. This study employs an autoregressed distributed lag approach on time series data for the period of 1990 to 2017. The study tests the stationary, cointegration of time series data and utilizes autoregressed distributed lag modeling technique to determine the short-run and long-run relationship among coal consumption, globalization, income, population, and CO₂ emissions. The results show that globalization increases coal consumption in Vietnam in the long run. The results also show that rapid economic growth promotes more coal consumption in the short run as well as in the long run. Moreover, higher population reduces coal consumption, and CO₂ emissions decrease coal consumption both in the short run and the long run. The findings of the study suggest that globalization increases coal consumption in Vietnam in the long run. This result suggests that the increase in globalization level in Vietnam increases coal consumption. An interesting finding is that higher population reduces coal consumption, and population is an important factor towards the lessening in coal consumption. The findings confirm that environmental pollution decreases coal consumption in the short run and the long run. This implies that coal consumption may be green consumption in Vietnam.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.109-116
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• 2020

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing literature on India by breaking down financial indicator into positive and negative components to examine the finance-growth relationship.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.157-165
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• 2020

This paper estimates the optimum level of reserves in Vietnam based on the approach of reserves' cost-benefit and sovereign risk which is one of developing countries' characteristics. The cost of reserves is the opportunity cost when holding reserves. The benefit of reserves is the loss due to country's default in case that there is no reserves to finance external debt payment. The optimum reserves is found out by minimizing the total of opportunity cost and loss due to country's default with the probability of default. Through the usage of HP Filter method for calculating the loss due to country's default, ARDL regression for the risk premium model and lending rate of VND as proxy for opportunity cost together with the Vietnamese economic data in the period of 2005 - 2017, the empirical results show that the optimum reserves in Vietnam is almost higher than the actual reserves during the research period except the point of Q3/2008 and the last point of research period - Q4/2017. Therefore, Vietnam should continue to increase reserves for safety but Vietnam does not need pushing quickly the speed of increasing reserves. In addition, controlling Vietnamese optimum reserves is necessary to help the actual reserves become reasonable.

• Environmental Engineering Research
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• 제22권1호
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• pp.116-124
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• 2017

The study makes an attempt to investigate the causal nexus between carbon dioxide emissions, GDP per capita, industrialization and population with an evidence from Rwanda by employing a time series data spanning from 1965 to 2011 using the autoregressive distributed lag model. Evidence from the study shows that carbon dioxide emissions, GDP per capita, industrialization and population are co-integrated and have a long-run equilibrium relationship. Evidence from the Granger-causality shows a unidirectional causality running from industrialization to GDP per capita, population to carbon dioxide emissions, population to GDP per capita and population to industrialization. Evidence from the long-run elasticities has policy implications for Rwanda; a 1% increase in GDP per capita will decrease carbon dioxide emissions by 1.45%, while a 1% increase in industrialization will increase carbon dioxide emissions by 1.64% in the long-run. Increasing economic growth in Rwanda will therefore reduce environmental pollution in the long-run which appears to support the validity of the environmental Kuznets curve hypothesis. However, industrialization leads to more emissions of carbon dioxide, which reduces environment, health and air quality. It is noteworthy that the Rwandan Government promotes sustainable industrialization, which improves the use of clean and environmentally sound raw materials, industrial process and technologies.

• The Journal of Asian Finance, Economics and Business
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• 제4권2호
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• pp.5-17
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• 2017

The main objective of the study is to measure the vulnerability of Indonesia's financial system stability in response to external shocks, including from regional economies namely three biggest Indonesia major trading partners (China, the U.S and Japan) and other external factors (oil price and the federal funds rate). Using Autoregressive Distributed Lag (ARDL) model and Orthogonalized Impulse Response Function (OIRF) with quarterly data over the period Q4 2002 - Q1 2016, results confirm that, 1) oil price response has the largest effect to Indonesia financial stability system and the effect period is the longest compared to others, represented by NPL and IHSG; 2) among those three economies, only China's economic growth has significantly positive effect to Indonesia financial stability system. Based on the findings it is better for the authorities to: 1) Diversify international trade commodities by decreasing share of oil, gas, and mining export and boosting other potential sectors such as manufacture, and fisheries; 2) Ensure the survival of Indonesia large coal exporter companies without neglecting burden of national budget; and 3) Create buffer for demand shock from specific countries by diversifying and increasing share of trading from other countries particularly from ASEAN member states.

• Nuclear Engineering and Technology
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• 제52권6호
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• pp.1327-1333
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• 2020

The global warming phenomenon emerges from the issue of climate change, which attracts the attention of intellectuals towards clean energy sources from dirty energy sources. Among clean sources, nuclear energy is getting immense attention among policymakers. However, the role of nuclear energy in pollution emissions reduction has remained inconclusive and demand for further investigation. Therefore, the current study contributes to extend knowledge by investigating the nexus between nuclear energy, economic growth, and CO₂ emissions in a developing country context such as Pakistan for the period between 1973 and 2017. The auto-regressive distributive lag model summarizes the nuclear energy has negative effect on environmental pollution as it releases carbon emission in the environment. Moreover, vector error correction Granger causality provides evidence for bidirectional causality between nuclear energy and carbon emissions. These interesting findings provide new insight, and policy guidelines provided based on these results.

• 농촌지도와개발
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• 제22권4호
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• pp.423-434
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• 2015

This paper predicts the onion's cultivation areas, yields per unit area, and wholesale prices during ship dates by using wholesale price data from the Korea Agro-Fisheries & Food Trade Corporation, the production data from the Statistics Korea, and the weather data from the Korea Meteorological Administration with an ARDL model. By analyzing the data of wholesale price, rural household income and rural total earnings, onion cultivation areas in 2015 are estimated to be 21,035, 17,774 and 20,557(ha). In addition, onion yields per unit area of South Jeolla Province, North Gyeongsang Province, South Gyeongsang Province, Jeju Island, and the whole country in 2015 are estimated to be 5,980, 6,493, 6,543, 6,614, 6,139 (kg/10a) respectively. By using onion production's predictive value found from onion's cultivation areas and yields per unit area in 2015, the onion's wholesale prices in June are estimated to be 780 won, 1,100 won, and 820 won for each model. Predicted monthly price after the onion's ship dates is analyzed to exceed 1,000 won after August.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.27-37
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• 2016

This study uses an endogenous economic growth model to determine the long run relationship between trade openness and economic growth in China by using the data 1975-2009.It contributes to the literature by developing trade openness index. An autoregressive distributed lag approach to cointegration and rolling regression method are employed. This study tests the link between trade openness and economic growth in the case of China by using the framework of endogenous economic growth model. This study also employs the rolling window regression method in order to examine the stability of coefficients throughout the sample span. The autoregressive distributed lag (ARDL) cointegration technique and rolling regression method are used. The empirical findings indicate that trade openness (i.e. Both individual trade indicator and composite trade openness index) are positively related to economic growth in the long run and short run. Our results indicate that trade openness as measured by individual trade indicator and composite trade openness index are positively related to economic growth in the long run and short run. However, results from the rolling window suggest that trade openness is negatively linked to economic growth only for a number of years.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.201-208
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• 2020

Terms of trade is an important indicator of the welfare gains from international trade to the exporting country. Terms of trade of oil-exporting countries are hypothesized to depend primarily on oil prices. The study assesses the relation between oil prices and the terms of trade of Saudi Arabia. The study uses the Autoregressive Distributed Lag method to determine the cointegration between the country's terms of trade and oil prices for the period 2000-2018. The data for net barter terms of trade is taken from World Development Indicators and oil price is taken from Saudi Arabian Monetary Agency. The results show that oil prices and terms of trade are cointegrated and any disequilibrium between the two variables is corrected by 35% in a year. The study also reports a positive relationship between the two items, both in the short run and long run. Diagnostic tests indicate the model to be fit. The results suggest that, for a primarily oil-producing country like Saudi Arabia, the terms of trade depend on oil prices. The study fills the gap in the literature on the study of terms of trade for Saudi Arabia for the last few years, where there has been a high volatility in oil prices.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.169-178
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• 2020

In this paper, we provide an overview of financial development in Vietnam. Particularly, a new approach of this study is to measure financial development through improvements in depth, efficiency and access of the banking system and stock market. Further, the study examines the factors significantly affecting financial development in Vietnam. The data are collected in Vietnam, an emerging country with a limited financial development. We employ the Autoregressive Distributed Lag (ARDL) approach, which generates a high reliability and suits data characteristics of emerging countries like Vietnam. We observe that Vietnam's banking system plays a key role in supplying credits to the economy while the nascent stock market at a limited size shows its potential for a considerable growth in the future. We also find the influential determinants of financial development in Vietnam including real estate market (RE), economic growth (EG), consumer price index (CPI), and global financial crisis (GFC). These findings are essential for Vietnamese authorities in providing practical solutions in order to build a sustainable and synchronous financial development. They are also first empirical evidence relating to an overview of financial development in an emerging country, so they are not only valuable to Vietnam but also crucial to other emerging economies.