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Journal of Economics and Financial Analysis
Number of Followers: 3  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2521-6627 - ISSN (Online) 2521-6619
Published by Tripal Publishing House Homepage  [1 journal]
  • Comparing Optimal Monetary Policy Rules, Does Wage Inflation Matters'

    • Authors: Wissem BOUKRAINE, Hella Guerchi MEHRI
      Pages: 1 - 16
      Abstract: The aim of this paper is to determine the optimal monetary policy for the Tunisian economy by comparing different targeting rules in terms of welfare loss. Our approach is conducted through simulated scenarios from a small open economy DSGE model, with frictions in the labor market. We are motivated by the fact that the Tunisian economy suffers from inflation, unemployment and a continuous depreciation of its currency which put pressure on production costs. In addition, with underdeveloped financial market attention is given to exchange rate volatility. Recent literature focuses on wage inflation to reduce production costs and unemployment caused by terms of trade fluctuations rather than reacting to the exchange rate. Our main result is the superiority of the wage inflation rule in reducing welfare losses.
      PubDate: 2021-09-24
      DOI: 10.1991/jefa.v5i1.a38
      Issue No: Vol. 5, No. 1 (2021)
  • Social Influence and Saving Behavior among small business owners in
           Uganda: The mediating role of Financial Literacy

    • Authors: Eva MPAATA, Naomy KOSKEI, Ernest SAINA
      Pages: 17 - 41
      Abstract: The aim of this study was to examine the direct and indirect effect of social influence and financial literacy on saving behavior Explanatory research design and systematic sampling technique was used to collect data with the aid of a questionnaire from a sample size of 430 micro and small enterprise owners in Kampala, Uganda. Reliability test of the research instrument was done by the use of Cronbach alpha. In order to test the hypothesis, and the mediation effect, bootstrapping procedure was followed by testing the direct and indirect effect. The findings show that the connection between social impact and saving behavior is mediated by financial literacy, thus providing new information in research literature on emerging economies where social influence does not encourage saving behavior, hence a need for these economies to adopt financial literacy. Finance scholars have to recognize the central role of financial literacy through financial workshops/seminars, trainings in order to nurture individuals into appropriate saving instruments.
      PubDate: 2021-09-24
      DOI: 10.1991/jefa.v5i1.a39
      Issue No: Vol. 5, No. 1 (2021)
  • Real Gross Domestic Product as Value Added Tax Base: Evidence from Ghana

    • Authors: Michael Safo OFORI
      Pages: 43 - 63
      Abstract: Total Private Consumption is the ideal Valued Added Tax base for Valued Added Tax revenue modelling and forecasting. However, data on private consumption expenditure is not available in most developing countries. With this reason, this study aims to study the appropriateness of real Gross Domestic Product as a Valued Added Tax base by testing the correlation between Valued Added Tax Revenue and Real Gross Domestic Product. It further examines the elasticity of Valued Added Tax revenue to changes in real Gross Domestic Product of Ghana. It is realized from the study that a one percent increase in real Gross Domestic Product results in a 3.7337 percent increase in Total Valued Added Tax revenue. Also, a, high correlation of 0.9365 is realized between real Gross Domestic Product and Total Valued Added Tax revenue. Since monthly and/or quarterly data on private consumption expenditure is not available in Ghana, real Gross Domestic Product can be used as VAT base (especially in VAT revenue modelling and forecasting) because of the high correlation and elasticity between Value Added Tax revenue and real Gross Domestic Product. Sequel to these, the study recommends that the government of Ghana implements supply-side policies that will boost investment and production, reduce imports and encourage import substitution, and also demand-side policies that will increase aggregate demand. These policies will expedite rapid economic growth, and an increase in Value Added Tax revenue will be a consequent result.
      PubDate: 2021-09-24
      DOI: 10.1991/jefa.v5i1.a40
      Issue No: Vol. 5, No. 1 (2021)
  • Determinants of Corporate Risk Management: Does Board Size and Tenure
           Matter' Panel Data Approach from Kenyan Publicly Listed Firms

    • Authors: Thomas Kiptanui TARUS
      Pages: 65 - 79
      Abstract: The investors' weakening confidence towards corporate risk management particularly after the crisis has made corporate governance a top priority for the board. The awareness of risk is growing and firm practices have increasingly become organized around risk. The purpose of this paper is to investigate determinants of corporate risk management by taking into consideration board size and board tenure. The study was informed by Modern Portfolio Theory while panel approach was deemed to be appropriate. Based on inclusion-exclusion criteria, 49 firms were sample from 2013-2019 giving a total of 343 firm-year observations. The findings revealed that board size had a positive and insignificant effect while board tenure was significant and positively related to corporate risk management. The longer the experience of managers, the more knowledgeable they become thus more capable of managing corporate risk. This study contributes by providing additional empirical evidence regarding determinants of corporate risk management.
      PubDate: 2021-09-24
      DOI: 10.1991/jefa.v5i1.a41
      Issue No: Vol. 5, No. 1 (2021)
  • Capital Structure and Value of Nigerian Manufacturing Companies

    • Authors: Kamilu Adio SAKA, Olukunle Ibukun FATOGUN
      Pages: 81 - 95
      Abstract: This study provides current evidence on long term controversies surrounding the relevance of capital structure to the value of firms as desideratum for effective debt policy decisions by corporate organisations. Ex-post Facto design was employed for random selection of 10 manufacturing firms across 6 real sectors of Nigerian manufacturing industry. The study estimated balanced panel data with Panel (OLS) Regression techniques using 180 observations. From findings, the results of preferred Random Effect estimation at 5% level of significance show that measures of capital structure such as debt-to-equity and debt-to-total assets have insignificant effects on value of firms when proxy by Tobin’s Q. Thus, the study re-affirms the claim of M-M Approach that capital structure does not matter when it comes to firm’s performance in term of stock market efficiency. In practice, therefore, management should consider the use of debt as last option for financing profitable projects.
      PubDate: 2021-09-24
      DOI: 10.1991/jefa.v5i1.a42
      Issue No: Vol. 5, No. 1 (2021)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
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