The Experts below are selected from a list of 5460 Experts worldwide ranked by ideXlab platform
Miroslav Titze - One of the best experts on this subject based on the ideXlab platform.
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Netradičná menová politika a kvantitatívne uvolňovanie Centrálnej banky Japonska v rokoch 2001-2006
Politická ekonomie, 2015Co-Authors: Miroslav TitzeAbstract:The paper explains wider economic, financial and Macroeconomic context of the unconventional monetary policy during 2001-2006 in Japan. The objective of the article is complex discussion of Bank of Japan's unconventional monetary policy measures from theoretical and practical point of view. The structure of the papers is following: the fi rst part reveals Macroeconomic Condition behind unconventional monetary policy, the second part describes changes in monetary policy implementation, focuses also on commercial assets purchasing and describes exit strategy as well. The last part of the paper evaluates unconventional monetary policy impacts. Bank of Japan achieved accommodative financial Condition and reduced uncertainty in the money market. Large liquidity buffer works preventive in case of unexpected liquidity shocks. Excess ample liquidity did not support prices and real economic activity considering broader deleveraging process and corporate markets fragmentation. Entry and exits strategy was successful without financial markets disruption but exit was not complete. Finally, the paper can conclude, that unconventional monetary policy had positive stabilization effect without significant transmission to the real economy.
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Netradičná menová politika a kvantitatívne uvolňovanie Centrálnej banky Japonska v rokoch 2001-2006 [Unconvenional Monetary Policy and Quantitative Easing in Japan 2001-2006]
Politicka Ekonomie, 2015Co-Authors: Miroslav TitzeAbstract:The paper explains wider economic, financial and Macroeconomic context of the unconventional monetary policy during 2001-2006 in Japan. The objective of the article is complex discussion of Bank of Japan's unconventional monetary policy measures from theoretical and practical point of view. The structure of the papers is following: the fi rst part reveals Macroeconomic Condition behind unconventional monetary policy, the second part describes changes in monetary policy implementation, focuses also on commercial assets purchasing and describes exit strategy as well. The last part of the paper evaluates unconventional monetary policy impacts. Bank of Japan achieved accommodative financial Condition and reduced uncertainty in the money market. Large liquidity buffer works preventive in case of unexpected liquidity shocks. Excess ample liquidity did not support prices and real economic activity considering broader deleveraging process and corporate markets fragmentation. Entry and exits strategy was successful without financial markets disruption but exit was not complete. Finally, the paper can conclude, that unconventional monetary policy had positive stabilization effect without significant transmission to the real economy.
Ayse Y. Evrensel - One of the best experts on this subject based on the ideXlab platform.
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IMF Programs and Financial Liberalization in Turkey
Emerging Markets Finance and Trade, 2004Co-Authors: Ayse Y. EvrenselAbstract:By examining the Fund's views about Macroeconomic stability, the effectiveness of IMF-supported stabilization programs, and Turkey's Macroeconomic policies, this paper demonstrates that both the IMF and Turkey share the responsibility for the outcome of stabilization programs. The main conclusion of the paper is that the primary targets of stabilization programs are not implemented during the program years. Even though program years are associated with improvements in balance of payments and reserves, such improvements disappear during the post-program years. The fact that Turkey has received subsequent programs from the IMF despite the overall lack of implementation of the Fund's Conditionality may be consistent with the existence of moral hazard. In fact, the results suggest that, on average, Turkey enters the next program in worse Macroeconomic Condition than the previous program.
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Effectiveness of IMF-Supported Stabilization Programs in Developing Countries
Journal of International Money and Finance, 2002Co-Authors: Ayse Y. EvrenselAbstract:Abstract This paper examines the effectiveness of Fund-supported stabilization programs by investigating whether the IMF achieves its own objectives in such programs. Even though the Fund’s Conditionality prescribes fiscal and monetary discipline in program countries, the results of the empirical analysis show that the IMF cannot impose its Conditionality even during program years. Furthermore, when successive interprogram periods are considered, program countries enter a new program in a worse Macroeconomic Condition than they entered the previous program. These results and the fact that stabilization programs have a revolving nature are inconsistent with the effectiveness of IMF-supported stabilization programs and may signal the existence of moral hazard.
Relia Novita Rahim - One of the best experts on this subject based on the ideXlab platform.
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Macroeconomic Condition and capital structure adjustment speed evidence from the indonesian stock market
Innovative Mobile and Internet Services in Ubiquitous Computing, 2013Co-Authors: Shyhweir Tzang, Kueiyuan Wang, Relia Novita RahimAbstract:This paper presents the impact of the Macroeconomic Condition on the speed of adjustment of capital structure for non-financial firms listed in the Indonesian Stock Exchange from 1992 to 2010. Based on a two-stage OLS and integrated partial adjustment approach, the paper finds that Indonesian firms adjust their leverage faster in bad economic Condition and the adjustment speed of the over-levered firms is higher than the under-levered firms. By controlling the variable of GDP growth rate, the over-levered firms exhibit a faster adjustment on their capital structure measured by book value but an insignificant adjustment measured by market value. By controlling the variable of inflation rate, the over-levered firms show a faster adjustment in their capital structure measured by book value when the GDP growth rate is high. In contrast with previous literature, the results provide different interpretations about the adjustment speed toward target leverage measured by book and market debt ratios.
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IMIS - Macroeconomic Condition and Capital Structure Adjustment Speed -- Evidence from the Indonesian Stock Market
2013 Seventh International Conference on Innovative Mobile and Internet Services in Ubiquitous Computing, 2013Co-Authors: Shyhweir Tzang, Kueiyuan Wang, Relia Novita RahimAbstract:This paper presents the impact of the Macroeconomic Condition on the speed of adjustment of capital structure for non-financial firms listed in the Indonesian Stock Exchange from 1992 to 2010. Based on a two-stage OLS and integrated partial adjustment approach, the paper finds that Indonesian firms adjust their leverage faster in bad economic Condition and the adjustment speed of the over-levered firms is higher than the under-levered firms. By controlling the variable of GDP growth rate, the over-levered firms exhibit a faster adjustment on their capital structure measured by book value but an insignificant adjustment measured by market value. By controlling the variable of inflation rate, the over-levered firms show a faster adjustment in their capital structure measured by book value when the GDP growth rate is high. In contrast with previous literature, the results provide different interpretations about the adjustment speed toward target leverage measured by book and market debt ratios.
Satria Aji Setiawan - One of the best experts on this subject based on the ideXlab platform.
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Does Macroeconomic Condition Matter for Stock Market? Evidence of Indonesia Stock Market Performance for 21 Years
Jurnal Perencanaan Pembangunan: The Indonesian Journal of Development Planning, 2020Co-Authors: Satria Aji SetiawanAbstract:The stock markets are becoming an essential and inseparable part of the economies in many countries, including Indonesia. The fact that stock markets indices become one of the indicators to determine the healthiness of country economics showing the importance of the stock market in a country. Whenever the stock market experiences a substantial decline, there is reason to fear that a recession may come. Thus, policymakers and the government have to be aware of this matter. Macroeconomics plays an essential role in economies activities as well as brings an effect to stock market performance. GDP as an indicator of economic growth, inflation that is limiting consumption, interest rate, and exchange rate are selected Macroeconomic variables that affect the stock market performance. Using multiple regression analysis, it is known that GDP and inflation contributing to the rise of stock market value, albeit the effect of inflation is not significant. Contrary, interest rate and exchange rate bring a negative impact on the stock market performance, primarily interest rate, which has a significant effect.
Jitendra Mahakud - One of the best experts on this subject based on the ideXlab platform.
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The impact of Macroeconomic Condition on investment-cash flow sensitivity of Indian firms: Do business group affiliation and firm size matter?
South Asian Journal of Business Studies, 2019Co-Authors: Gaurav Gupta, Jitendra MahakudAbstract:The purpose of this paper is to investigate the impact of the Macroeconomic Condition on investment-cash flow sensitivity (ICFS) of Indian firms and examine whether the effect of Macroeconomic Condition on ICFS depends on the size and group affiliation of the firm.,An empirical investigation is conducted using a dynamic panel data model or more specifically system generalized method of moments (GMM) estimation technique.,Empirical findings postulate that the availability of cash flow influences the investment decisions which depicts that Indian manufacturing firms are internally as well as externally financially constrained. This study finds that good economic Condition (period of high GDP growth rate) reduces the ICFS, although this effect is stronger for small-sized and standalone firms than the large-sized and business group affiliated firms. The authors find that Macroeconomic Condition has a positive and significant effect on investment decisions.,This study has considered only the non-financial sector. The future research could explore the effect of Macroeconomic Condition on ICFS might be affected by firm other characteristics such as firm age and firm capital structure.,The government should provide loan on the low rate to the small-sized firms and standalone firms because it is very difficult for these firms to finance their investment during the bad economic Condition (period of low high GDP growth rate).,This study contributes to the existing literature by analyzing the impact of the Macroeconomic Condition on ICFS as well as investment decisions of the Indian manufacturing firms, which is an unexplored issue from an emerging market perspective. To the best of my knowledge, this is a first-ever study which explores the effect of Macroeconomic Condition on investment decisions with respect to business group affiliation and firm size.
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Impact of Macroeconomic Condition on Financial Leverage
Journal of Management and Research, 2012Co-Authors: Sulagna Mukherjee, Jitendra MahakudAbstract:The objective of this paper is to investigate the role of economic Condition on determination of financial leverage and the adjustment speed to target leverage for the Indian manufacturing companies. Using the pooled data and the generalized method of moments estimation techniques, we find the evidence that for the Indian firms, Macroeconomic Condition plays an important role for determination of financial leverage, all the firms do have the target leverage ratio across Macroeconomic Conditions and the adjustment speed to target leverage has been pro-cyclical. We also find that financing behavior of the companies is different in good and bad economic Conditions for both book and market leverage ratios.
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Impact of Macroeconomic Condition on Financial Leverage:Evidence from Indian Firms
2012Co-Authors: Sulagna Mukherjee, Jitendra MahakudAbstract:The objective of this paper is to investigate the role of economic Condition on determination of financial leverage and the adjustment speed to target leverage for the Indian manufacturing companies. Using the pooled data and the generalized method of moments estimation techniques, we find the evidence that for the Indian firms, Macroeconomic Condition plays an important role for determination of financial leverage, all the firms do have the target leverage ratio across Macroeconomic Conditions and the adjustment speed to target leverage has been pro-cyclical. We also find that financing behavior of the companies is different in good and bad economic Conditions for both book and market leverage ratios.
