Comparative Analysis Between Export-Led Growth and Import-Led Growth: A Study on Developing Eight (D-8)
Maimuna Akter,
Md Nahid Bulbul
Issue:
Volume 5, Issue 4, August 2017
Pages:
204-212
Received:
12 May 2017
Accepted:
25 May 2017
Published:
6 July 2017
Abstract: The main objective of the study is to investigate the comparative influence of import and export on economic growth of developing countries in the world, using Export-Led Growth (ELG) and Import-Led Growth (ILG) hypothesis. The study has used purposive sampling technique and selected the member countries of D-8 such as Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey as sample. Total import, total export, and GDP growth rate, as indicator of economic growth, have been used as variables for the study. The study has selected time series and panel data of the variables from year 2001 to year 2015. To detect unit root of variables, Augmented Dickey Fuller (ADF) Test and Phillips-Perron (PP) Unit Root Test have been used. Moreover, the cointegration among variables has been examined using Johansen Cointegration Test. The study has also used Vector Autoregressive (VAR) model and Vector Error Correction (VEC) model to define the presence of short run and long run causality. Finally, Granger Causality Test has been used to examine the presence of unidirectional and bidirectional causality among the variables in short and long-run. The study shows that the variables have unit root at level and have become stationary at first and second difference. In most of the selected countries, the study has found cointegration and unidirectional causality among the variables. In Bangladesh, both import and export have been found to contribute to economic growth in short run, and the relationship is unidirectional. Moreover, these have been found to influence economic growth of Nigeria in long run. On the other hand, the study has discovered economic growth and export of Turkey to granger-cause its import in short and long run. However, along with economic growth, import has been found to granger-cause export of Egypt and Indonesia in short run, and export of Malaysia in long run. Finally, Pakistan and Iran have been found to have no granger-causality among import, export and economic growth.
Abstract: The main objective of the study is to investigate the comparative influence of import and export on economic growth of developing countries in the world, using Export-Led Growth (ELG) and Import-Led Growth (ILG) hypothesis. The study has used purposive sampling technique and selected the member countries of D-8 such as Bangladesh, Egypt, Indonesia,...
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Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks
Marcus Garvey Orji,
Ruth Andah,
Chima Kate,
Abba Solomon Boman
Issue:
Volume 5, Issue 4, August 2017
Pages:
213-221
Received:
2 October 2014
Accepted:
16 October 2014
Published:
18 July 2017
Abstract: Profitability strategies can only be formulated and implemented when the marketing manager is well informed about the current marketing situation and to a certain degree, anticipate future changes in the potential and new product market. Many commercial or money deposit banks in Nigeria are faced with problems relating to their marketing activities due to lack of adequate knowledge of the prevailing market situation or product performance evaluation. This research study has the objective of assessing the impact of new products development on the profitability of Nigerian deposit money banks. The study is a survey research and Primary and secondary data were applied and formulated hypotheses tested using kendal co-efficient of concordance. The findings of the study revealed that there is a relationship between new product development and profitability in Nigerian deposit money banks, and poor knowledge of the benefits derived from new product innovation is responsible for low rate of profit maximization in banks. Also that new products innovation and developments come as a result of bank’s marketing research efforts. The study recommends however that banks should intensify their research efforts to provide timely information on product development and monitor the degree of customer’s satisfaction through market situation analysis.
Abstract: Profitability strategies can only be formulated and implemented when the marketing manager is well informed about the current marketing situation and to a certain degree, anticipate future changes in the potential and new product market. Many commercial or money deposit banks in Nigeria are faced with problems relating to their marketing activities...
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The Application in the Portfolio of China's A-share Market with Fama-French Five-Factor Model and the Robust Median Covariance Matrix
Xinming Chen,
Peng Song,
Ke Gao,
Yankuo Qiao
Issue:
Volume 5, Issue 4, August 2017
Pages:
222-228
Received:
19 July 2017
Published:
19 July 2017
Abstract: In the traditional portfolio model, investors calculate the expected return of assets and the covariance matrix for optimal asset allocation. This paper divides market sentiment period into three states and selectes the securities in the Chinese stock market to construct portfolios. We implement both the Fama-French five-factor model and the robust median covariance matrix approach for predicting the expected return of the selected stocks and portfolio optimization respectively. Then we compare the performance of the portfolio constructed by the Fama-French three-factor model with that by the traditional covariance matrix in different market sentiment periods. The empirical results indicates that the performance of the portfolio constructed by the Fama-French five-factor model is more sensitive to the fluctuation of stock market sentiment, and that the robust median covariance matrix approach tends to have relatively stable portfolio return, while ineffective in the bull market. The main contribution of this paper is having empirically tested different model combinations in portfolio theory using the data of Chinese market where market sentiment has unique impact. To some extent, this paper provides a reference to the portfolio strategy.
Abstract: In the traditional portfolio model, investors calculate the expected return of assets and the covariance matrix for optimal asset allocation. This paper divides market sentiment period into three states and selectes the securities in the Chinese stock market to construct portfolios. We implement both the Fama-French five-factor model and the robust...
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