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Economic Journal of Emerging Markets
Published by Universitas Islam Indonesia
ISSN : 20863128     EISSN : 2502180x     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Economic Journal of Emerging Markets (EJEM) is a peer-reviewed journal which provides a forum for scientific works pertaining to emerging market economies. Published every April and October, this journal welcomes original research papers on all aspects of economic development issues. The journal is fully open access for scholarly readers.
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Articles 8 Documents
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Search results for , issue "Volume 15 Issue 2, 2023" : 8 Documents clear
Impact of industrialization and renewable energy on carbon dioxide emission in 9 ASEAN countries Barbara Claire; Diah Widyawati
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art6

Abstract

Purpose ― This research investigates the relationship between ASEAN's industrialization, renewable energy, and CO2 emissions. The primary objectives are to assess the existence of the Environmental Kuznets Curve (EKC) in ASEAN and to explore the potential mediating effect of renewable energy in the relationship between industrialization and CO2 emissions.Methods ― The study utilizes the PMG-ARDL estimation method in nine ASEAN countries from 1990 to 2019, providing short- and long-term analyses of the variables involved.Findings ― The finding reveals the presence of the EKC in ASEAN in the short term for most member states. It also finds that renewable energy mediates the relationship between industrial value-added and CO2 emissions, with renewable energy adoption altering the turning point of per capita CO2 emissions during industrialization in several ASEAN nations.Implication ― The findings suggest that transitioning to renewable energy can help mitigate the environmental impact of ASEAN’s industrial development. Thus, member states committed to energy targets should prioritize deploying renewable energy in their industrial sectors to achieve environmental benefits.Originality ― This research contributes to the existing literature by specifically examining the interplay between industrialization, renewable energy, and CO2 emissions in ASEAN. The use of the PMG-ARDL estimation method and the focus on the mediating role of renewable energy add originality to the study.
Revisiting the nexus between remittances and financial sector development in Nigeria Yusuf Shamsuddeen Nadabo
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art1

Abstract

Purpose ― The study aims to investigate the impact of remittances on financial sector development in Nigeria using data from 1990 to 2021.Method ― The study examines the variables' relationship using the Autoregressive Distributed Lag (ARDL) and Toda Yamamoto (TY) Causality.Findings ― The study finds that remittances have a positive and significant long-run impact on financial sector development. Total reserves and imports of goods and services have a negative and significant long-run impact. In the short run, remittances and deposit interest rates positively and significantly impact financial sector development, while total reserves and total population have negative and significant impacts. The Toda-Yamamoto causality result indicates a two-way causal relationship between financial sector development and remittances.Implication ― The study recommends that the government employs policies encouraging channeling remittances through a formal banking system, as well as ensuring that such remittances received are channeled to finance productive investment, hence financial development.Originality ― The novelty of this research relates to the use of the three main indicators of remittances in an economy, which are the import of goods and services, total reserves, and deposit interest rates, to examine its impact on financial sector development in Nigeria
The externalities of solid fuel CO2 emissions on rice production: A time series analysis for Pakistan Mansoor Mushtaq; Arshad Mahmood Malik; Gulnaz Hameed
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art8

Abstract

Purpose ― This study examines the externalities of CO2 emissions from solid fuel consumption on rice production in Pakistan using time series data from 1984 to 2021. Methods ― The independent variables include CO2 emissions from solid fuel consumption, cultivated area, agricultural equipment, tube wells, and improved seed, whereas the dependent variable is rice production. A robust analysis was done by altering the solid fuel CO2 emissions proxy. The empirical study used the vector error correction model and Johansen's cointegration test.Findings ― Solid fuel CO2 emissions negatively and significantly impact rice production, implying that solid fuel CO2 emissions decrease rice production. Tube wells have a negative and significant influence on rice production. Conversely, cropped land, agricultural machinery, and improved seeds boosted rice production. The results remained robust even when the proxy for solid fuel CO2 emissions was changed. Implications ― The study recommends developing regulations to limit solid fuel CO2 emissions to prevent environmental degradation and increase rice production. To boost rice production, more land should be farmed, agricultural machinery should be employed, and improved seeds should be used.Originality ― This study is the first to examine the impact of CO2 emissions from solid fuel consumption on rice production in Pakistan
The role of the Foreign Direct Investment inflows on export in Azerbaijan: An ARDL approach Maharram Huseynov Calal; Karimov Mehman Ilham; Nesirov Elcin Vaqif; Zeynalli Elay Calal; Tahirova Gulchin Mardan
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art4

Abstract

Purpose ― This study aims to investigate the impact of FDI inflows on Trade in Azerbaijan from 1993 to 2021. Method ― This study uses the datasets from the World Bank Database. It employs the Augmented Dickey and Fuller (ADF), Phillips and Perron (PP), Zivot and Andrews (ZA), ARDL bounds testing approach, and the Granger Causality tests for the empirical part of the study.Findings ― The bound test shows the presence of cointegration between FDI and Export. The estimated long-run equation suggests a positive and significant relationship, whereas the estimated short-run equation indicates a positive but insignificant relationship between FDI and export. Additionally, the results of Granger causality test show a unidirectional causality running from FDI to export. Implications ― Since the FDI inflows show a positive effect on the export of Azerbaijan, most foreign investments come into the oil and gas sector. Accordingly, oil and gas products and services account for a significant share of exports in Azerbaijan. Policymakers might need new regulations to attract more attention from foreign investors to non-oil sectors.Originality/value ― There were vast studies about FDI and trade relationships in different countries with different techniques. This study is unique because it employs a new methodology and the latest dataset in which Azerbaijan was a focused area for the first time.
Examining entry and exit rates of poverty in Turkey: A dynamic probit regression analysis Mustafa Bilik
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art5

Abstract

Purpose: The purpose of this study is to add to the current poverty dynamics literature by investigating the underlying causes of poverty persistence in Turkey, with an emphasis on both entry and exit rates. Methods: The study analyzes data from the Turkish Statistical Institute's "Survey on Income and Living Conditions" from 2018 to 2021 using dynamic probit models. This large dataset, which gives a detailed picture of socioeconomic situations, helps in properly understanding the complex aspects influencing poverty rates. Findings: The analysis reveals significant poverty persistence in Turkey, influenced by factors such as gender, marital status, employment, and health conditions. According to the research, these variables frequently interact, forming a complex structure that maintains poverty throughout the country. Implications: The findings necessitate targeted interventions to address persistent poverty, considering the diverse influencing factors. This could lead to a reduction in poverty rates and improved socioeconomic conditions for individuals. Originality/Value: This study offers a unique perspective on poverty dynamics in Turkey, focusing on both entry and exit rates. It provides valuable insights for those formulating policies or strategies aimed at poverty reduction, emphasizing the need for a comprehensive approach to poverty alleviation.
Measuring fintech-driven financial inclusion for developing countries: Comprehensive Digital Financial Inclusion Index (CDFII) Banna Banik; Chandan Kumar Roy
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art3

Abstract

Purpose ― The main objective of this study is to develop a comprehensive digital financial inclusion index (CDFII) that accounts for technology-driven financial inclusion and to compare it with a traditional financial inclusion index (TFII) to enhance the measurement of fintech-driven financial inclusion across countries.Methods ― The study employs a three-stage principal component analysis (PCA) to construct the CDFII and TFII using the latest available data from 31 developing countries during the period 2015-2021. The CDFII incorporates a new sub-index measuring individual literacy levels for using financial services, along with existing sub-indices capturing the penetration, availability, and usage of DFS. By integrating digital financial inclusion (DFII) and TFII, the overall CDFII is estimated.Findings ― The findings reveal that the levels of DFII and CDFII are higher than TFII for most of the economies examined. This indicates the significant impact of technology-driven financial inclusion in expanding access to formal banking and non-banking financial services for previously unbanked populations.Implication ― The study implies that policymakers and researchers should prioritize the integration of technology-driven financial inclusion indicators, such as the comprehensive digital financial inclusion index (CDFII), into their assessments and interventions to ensure a more accurate and effective approach to promoting inclusive and sustainable economic development.Originality ― This study introduces the CDFII as a novel comprehensive index that addresses the shortcomings of traditional financial inclusion indices. By incorporating individual skill levels and considering dimensions specific to DFS, the CDFII provides a more accurate representation of fintech-driven financial inclusion levels. This contributes to the existing literature on financial inclusion measurement and provides a valuable analytical tool for researchers and policymakers.
Labor market distortions in major emerging-market economies: Some CGE estimates Pablo R. Liboreiro
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art2

Abstract

Purpose ― In the present study, the effects of labor market distortions on economic structure and efficiency are estimated for seven emerging-market countries: Brazil, China, Indonesia, India, Mexico, Russia, and Turkey. Methods ― The estimates are based on a computable equilibrium (CGE) model that allows simulation of the inter-industry links of 56 industries plus a sector representing the rest of the world from data collected in the World Input-Output Database (Release 2016) for the period 2000-2014. Findings ― The results show that wage differentials appear to be distortionary, especially in the cases of countries with high wage-income inequality. Moreover, it seems that labor market distortions in emerging-market countries are subject to the rural-urban dichotomy and urban labor-market imperfections. Finally, the results show that the removal of wage differentials affects the terms of trade, which are improved in most but not all cases.Implication ― The conclusions of the present study have policy implications. In countries where the rural-urban dichotomy is the main distortion in labor markets, increasing urbanization can stimulate efficiency; when this is not the case, further reform of urban labor markets is needed. However, it cannot be ruled out in advance that a policy aimed at enhancing labor mobility may have a negative impact on the terms of trade. Originality ― The estimation method used in the present study presents certain advances over others found in the literature, as it becomes possible to estimate the effects of labor-market distortions while considering the interdependencies between different sectors, as well as to plausibly estimate the effects on trade. The present study also uses a large quantity of data, which is expected to add robustness to the study’s conclusion.
The impact of population aging and fertility rate on economic growth in Malaysia Zulkefly Abdul Karim; Nurul Aqilah Mohd Nuruddin; Bakri Abdul Karim; Massita Mohamad; Ismahalil Ishak
Economic Journal of Emerging Markets Volume 15 Issue 2, 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol15.iss2.art7

Abstract

Purpose ― This study aims to examine the impact of population aging and fertility rates on economic growth in Malaysia for the sample spanning from 1961 to 2020.Method ― The study uses an Autoregressive Distributed Lagged (ARDL) model to examine the relationship between economic growth, the aging population, fertility rate, capital stock, and employment rate.Findings ― The main results provide evidence of a long-run relationship between aging, fertility rate, employment, and capital stock on Malaysian economic growth. The results also show that the aging population harms economic growth in the long run, but a decline in the fertility rate has been favorable to long-term economic growth.Implication ― These findings have significant implications for the execution and formulation of national aging and demographic policies and government efforts to achieve long-term fiscal sustainability.Originality ― This study empirically investigated the link between population aging and economic development, reflecting recent demographic trends in Malaysia. This study uses current data and an Autoregressive Distributed Lagged (ARDL) technique to analyze long-term economic growth and its association with supply-side determinants

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