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Search Results: 1 - 10 of 6951 matches for " Siok Kun Sek "
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Interactions between Monetary Policy and Exchange Rate in Inflation Targeting Emerging Countries: The Case of Three East Asian Countries
Siok Kun Sek
International Journal of Economics and Finance , 2009, DOI: 10.5539/ijef.v1n2p27
Abstract: This paper investigates empirically how the reaction of monetary policy to exchange rate has changed after the adoption of inflation targeting regime in three East-Asian countries. Using a system equation of structural VAR and a single equation approaches, this paper shows that the reactions of monetary policy to exchange rate shocks as well as CPI (demand shocks) and output (supply shocks) have declined under the inflation targeting environment. The policy function reacts weakly to the exchange rate movements before and after the financial crisis of 1997 in two out of the three countries. These central banks react differently to inflation. Empirical estimations of policy reaction functions indicate that the policy maker in Philippines pays higher concerns on output gap stability in the post-crisis period although Philippines has implemented the inflation targeting regime.
The Source of Shocks and the Role of Exchange Rate as a Shock Absorber: A Comparative Study in the Crisis-hit East-Asian Countries
Siok Kun Sek
Journal of Mathematics Research , 2010, DOI: 10.5539/jmr.v2n1p123
Abstract: Focusing on several crisis-hit East-Asian countries, this paper seeks to uncover the main source of shocks and its link to the performance of policy regime in these countries between the two sub-periods of pre- and post-crisis. A comparative structural VAR analysis is conducted to study the dynamic of shocks. The results show that the economies of East-Asian countries are mainly driven by domestic shocks and shocks are asymmetric. External shocks have low effects on domestic variables but they are increasing over time. Given that real exchange rate reacts stronger to real economy but lower to its own shock, and that the economies tend to experience real depreciation and lower volatility in inflation in the post-crisis period, the results imply more effective policy and greater role of exchange rate to act as a shock absorber under floating exchange rate regimes aftermath the crisis.
Evaluating the Performance of Inflation Targeting
Jenq Fei Chu,Siok Kun Sek
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n9p69
Abstract: Applying the Ordinary Least Squares method (OLS) and panel data analysis, the performance of Inflation Targeting (IT) regime is analyzed in 11 developed and developing countries. We compare the economic performance (i) between pre-IT and post-IT periods and (ii) between developing economies and developed economies that have implemented IT. The performance of IT is evaluated based on (i) inflation persistency; (ii) output growth; (iii) exchange rate volatility; (iv) deviation of inflation and (v) output gap. Besides, the disinflation cost/trade-off relationship between output gap and deviation in inflation is tested. The implementation of IT has effectively reduced the inflation rate and stimulated high output growth. The reduction of inflation rate is larger in developing economies but the gain in higher growth is larger in developed economies. On the other hand, there is strong evidence that IT has led to higher volatility in exchange rate of developing countries. Furthermore, the deviations of inflation and output gap have increased in the post-IT period in few economies. However, results failed to prove that IT has led to the trade-off relationship between inflation and output gap as the trade-off relationship between inflation and output gap is also detected in the pre-IT period. Overall results provide evidences on better economies condition under IT regime.
Does inflation targeting work in emerging East-Asian economies?
Sek Kun Siok,Har Mun Wai
Panoeconomicus , 2012, DOI: 10.2298/pan1205599s
Abstract: This paper evaluates on the performance of the inflation-targeting regime in three emerging East-Asian economies that have experienced changes in monetary policy regimes, from rigidities to a flexible exchange rate and inflation targeting, after the financial crisis of 1997-98. In particular, the evaluation focuses on the inter-relationship between inflation and the output growth/gap in these emerging economies between the pre- and post-inflation targeting periods. A bivariate GARCH (1,1) model is applied. The results reveal lower variability in inflation and output growth after the implementation of the inflation targeting regime. The persistency of inflation and output also decline. The study finds no evidence of greater disinflation cost experienced in these economies after the implementation of the inflation-targeting regime. Overall, the results imply that inflation targeting works well in these emerging markets.
Interactions between economic growth and environmental quality: panel and non-panel analyses
Suan Mei Ong,Siok Kun Sek
Applied Mathematical Sciences , 2013,
Abstract: We conduct empirical analyses on the relationship between environmental qualityand income levels in three income groups, i.e. high, middle and low incomeeconomies for the periods of 1970 to 2008. Two approaches i.e. panel andnon-panel data analyses are applied in examining the existence of two-wayinter-relationship of environmental quality and income levels. Apart from this,the study also seeks to reveal the determinants that affect the inter-relationship ofthese two variables. The control variables to be tested include trade, foreign directinvestment (FDI), population density, inflation, agricultural land and labourparticipation rate. Our results (both panel and non-panel) reveal no or lowinteraction between environmental quality (proxy by CO2 emissions) and income(proxy by GDP). The control variables have different impacts on growth andenvironmental degradation across economies. Trade and inflation have small ornon significance impact on the two variables across economies. FDI can havenegative effect on environmental quality in middle and low income economies.Population density and labour participation rate can have negative effect onemissions of carbon dioxide in low and middle income economies respectively.
The impact of external shocks on business cycle fluctuation in several developed Asian countries
A. Al-Jawarneh,Siok Kun Sek
Applied Mathematical Sciences , 2012,
Detecting the Convergence Clubs and Catch Up in Growth
Poh Choo Song,Siok Kun Sek,Wai Mun Har
Asian Economic and Financial Review , 2013,
Abstract: We conduct empirical panel data analysis to detect the catching- up effect in growth and the possibility to form different convergence clubs in selected Europe and Asian economies. In particular, we seek to investigate if the selected countries are able to catch- up to the growth level of developed economy of the United Kingdom (U.K.). The control variables used to test for conditional convergence include inflation, trade, net inflow of foreign direct investment, total population and government consumption expenditure. Our results reveal that all economies except Turkey and India are able to catch- up with U.K. economy. The economies in both regions of Europe and Asia are able to form their convergence clubs.
Interest Rate Pass-Through and Monetary Transmission in Asia
Pih Nee Tai,Siok Kun Sek,Wai Mun Har
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n2p163
Abstract: This study seeks to examine the effectiveness of interest rates transmission mechanism from money market rate into retail banking rate in several Asian countries. In particular, we intend to investigate the differences in the degree of pass-through from monetary policy rate into deposit and lending rates across countries and between the pre- and post-crisis of 1997. The study is carried out by running the Seemingly Unrelated Regression (SUR) equations. The results suggest that the transmission rate from money market rate into deposit and lending rates is slow and sluggish across economies. There is no much difference between the pass-through rate into deposit and lending rates but the pass-through into deposit rate is slightly higher than that in lending rate. Most of the countries have slower adjustment rates after the crisis 1997, indicating low effectiveness of monetary policy, imperfect financial market and lower degree of financial integration if these economies. However, there is an exception for Malaysia.
Investigating the relationship between exchange rate and inflation targeting
Siok Kun Sek,Cheau Pian Ooi,Mohd. Tahir Ismail
Applied Mathematical Sciences , 2012,
Environmental Kuznets curve: evidences from developed and developing economies
Ahmad R. M. Al Sayed,Siok Kun Sek
Applied Mathematical Sciences , 2013,
Abstract: Previous studies show that the environmental quality and economic growth can berepresented by the inverted U curve called Environmental Kuznets Curve (EKC).In this study, we conduct empirical analyses on detecting the existence of EKCusing the five common pollutants emissions (i.e. CO2, SO2, BOD, SPM10, andGHG) as proxy for environmental quality. The data spanning from year 1961 to2009 and cover 40 countries. We seek to investigate if the EKC hypothesis holdsin two groups of economies, i.e. developed versus developing economies.Applying panel data approach, our results show that the EKC does not hold in allcountries. We also detect the existence of U shape and increasing trend in othercases. The results reveal that CO2 and SPM10 are good data to proxy forenvironmental pollutant and they can be explained well by GDP. Also, it isobserved that the developed countries have higher turning points than thedeveloping countries. Higher economic growth may lead to different impacts onenvironmental quality in different economies.
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