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Hooi Hooi Lean
Economics Program, School of Social Sciences, Universiti Sains Malaysia, Malaysia

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Short Biography

Dr. Hooi Hooi Lean is a Professor of Economics at the School of Social Sciences, Universiti Sains Malaysia. Prof. Lean has authored more than 170 scholarly articles and academic book chapters. Her works have been published in many reputed international journals and publications. Her H-index is 45 and there are more than 9000 citations to her works on Google Scholar. Prof. Lean is the Top Research Scientists Malaysia by Academy of Sciences Malaysia in 2018. She received Malaysia’s Research Star Award in 2017 from the Ministry of Higher Education Malaysia and Clarivate Analytics; and National Academic Award in 2015 from the Ministry of Higher Education Malaysia. She was listed as top 2% scientists in the world by Stanford University. Prof. Lean is a Fellow of East Asian Economic Association. She serves as an associate editor for the Singapore Economic Review, Frontiers in Energy Research, Malaysian Journal of Economics and the International Journal of Economics and Management. She is also an editorial board member of Asian Journal of Economics and Finance, Energy Research Letters, Journal of Asian Finance, Economics and Business and Journal of Business, Economics and Environmental Studies.

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Journal article
Published: 15 June 2021 in Resources Policy
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Maintaining price stability is crucial for meaningful economic growth. However, while policymakers tend to remove some energy incentives when the oil price decreases to moderate fiscal pressure, a decrease in oil price interacts with the exchange rate depreciation in the oil exporting country. This is the first study that examines the asymmetric impact of both oil price and exchange rate on the disaggregate price inflation in Indonesia, Malaysia, and Thailand. Given that each country has its own economic structure, the impact of oil price and exchange rate fluctuation on the price level may differ across the countries. We find that an increase in oil price has a greater impact on the producer price index (PPI) than the consumer price index (CPI) in all countries. However, a decrease in the oil price is only significant in reducing both CPI and PPI in Thailand. Moreover, an increase in the exchange rate (currency depreciation) is significant in causing an increase in both the CPI and PPI in all countries. However, a decrease in the exchange rate (currency appreciation) failed to reduce both the CPI and PPI in all countries. We recommend that policymakers continue their energy incentive programs, however, the distribution of the energy incentive should be improved to ensure that the benefit reaches the targeted group.

ACS Style

Dzul Hadzwan Husaini; Hooi Hooi Lean. Asymmetric impact of oil price and exchange rate on disaggregation price inflation. Resources Policy 2021, 73, 102175 .

AMA Style

Dzul Hadzwan Husaini, Hooi Hooi Lean. Asymmetric impact of oil price and exchange rate on disaggregation price inflation. Resources Policy. 2021; 73 ():102175.

Chicago/Turabian Style

Dzul Hadzwan Husaini; Hooi Hooi Lean. 2021. "Asymmetric impact of oil price and exchange rate on disaggregation price inflation." Resources Policy 73, no. : 102175.

Journal article
Published: 31 May 2021 in Frontiers in Energy Research
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Growing energy demand but stagnant production followed by volatile exchange rate leads Pakistan to energy imbalances and potential economic contraction. Yet, studies on sectoral energy imports are limited and inconclusive without accessing the asymmetric effect of currency fluctuations. We examine the impacts of Pakistani rupee volatility on monthly energy imports based on the nonlinear autoregressive distributed lag (NARDL) estimations. Augmented Dickey–Fuller and Phillips–Perron tests were used to conduct unit root testing, and the bound testing approach was used to examine the long-term cointegration. The long-run asymmetry was tested with the Wald test, and using the NARDL model, we examined both short-run and long-run asymmetric effects of exchange rate volatility on energy imports. The bound test was established and supported through ECMt1 (t-test), cointegrating the relationship between exchange rate volatility and energy imports in a long term. Among others, both short-run and long-run asymmetric effects were found for crude oil, coal, electricity, and petroleum products. Rupee depreciation increased crude oil and electricity imports, while the appreciation effects were insignificant. Overall, the empirical assessment reveals that the foreign exchange volatility effect is sectoral specific and asymmetric in Pakistan. It offers new insights into re-strategizing the energy policy and refining the import substitution plan.

ACS Style

Abdul Saqib; Tze-Haw Chan; Alexey Mikhaylov; Hooi Hooi Lean. Are the Responses of Sectoral Energy Imports Asymmetric to Exchange Rate Volatilities in Pakistan? Evidence From Recent Foreign Exchange Regime. Frontiers in Energy Research 2021, 9, 1 .

AMA Style

Abdul Saqib, Tze-Haw Chan, Alexey Mikhaylov, Hooi Hooi Lean. Are the Responses of Sectoral Energy Imports Asymmetric to Exchange Rate Volatilities in Pakistan? Evidence From Recent Foreign Exchange Regime. Frontiers in Energy Research. 2021; 9 ():1.

Chicago/Turabian Style

Abdul Saqib; Tze-Haw Chan; Alexey Mikhaylov; Hooi Hooi Lean. 2021. "Are the Responses of Sectoral Energy Imports Asymmetric to Exchange Rate Volatilities in Pakistan? Evidence From Recent Foreign Exchange Regime." Frontiers in Energy Research 9, no. : 1.

Journal article
Published: 23 May 2021 in Sustainability
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Since the turn of twenty first century, economic policy uncertainty (EPU) and geopolitical risk (GPR) have escalated across the globe. These two factors have both economic and environmental impacts. However, there exists dearth of literature that expounds the impact of EPU and GPR on environmental degradation. This study, therefore, probes the impact of EPU and GPR on ecological footprint (proxy for environmental degradation) in selected emerging economies. Cross-sectional dependence test, slope heterogeneity test, Westerlund co-integration test, fully modified least ordinary least square estimator, dynamic OLS estimator, and augmented mean group estimator are employed to conduct the robust analyses. The findings reveal that EPU and non-renewable energy consumption escalate ecological footprint, whereas GPR and renewable energy plunge ecological footprint. In addition, findings from the causality test reveal both uni-directional and bi-directional causality between a few variables. Based on the findings, we deduce several policy implications to accomplish the sustainable development goals in emerging economies.

ACS Style

Muhammad Anser; Qasim Syed; Hooi Lean; Andrew Alola; Munir Ahmad. Do Economic Policy Uncertainty and Geopolitical Risk Lead to Environmental Degradation? Evidence from Emerging Economies. Sustainability 2021, 13, 5866 .

AMA Style

Muhammad Anser, Qasim Syed, Hooi Lean, Andrew Alola, Munir Ahmad. Do Economic Policy Uncertainty and Geopolitical Risk Lead to Environmental Degradation? Evidence from Emerging Economies. Sustainability. 2021; 13 (11):5866.

Chicago/Turabian Style

Muhammad Anser; Qasim Syed; Hooi Lean; Andrew Alola; Munir Ahmad. 2021. "Do Economic Policy Uncertainty and Geopolitical Risk Lead to Environmental Degradation? Evidence from Emerging Economies." Sustainability 13, no. 11: 5866.

Earlycite article
Published: 02 October 2020 in International Journal of Emerging Markets
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PurposeThis paper investigates the dependence structure and market risk of the currency exchange rate portfolio from the Malaysian ringgit perspective.Design/methodology/approachThe marginal return of the five major exchange rates series, i.e. United States dollar (USD), Japanese yen (JPY), Singapore dollar (SGD), Thai baht (THB) and Chinese Yuan Renminbi (CNY) are modelled by the Bayesian generalized autoregressive conditional heteroskedasticity (GARCH) (1,1) model with Student's t innovations. In addition, five different copulas, such as Gumbel, Clayton, Frank, Gaussian and Student's t, are applied for modelling the joint distribution for examining the dependence structure of the five currencies. Moreover, the portfolio risk is measured by Value at Risk (VaR) that considers the extreme events through the extreme value theory (EVT).FindingsThe finding shows that Gumbel and Student's t are the best-fitted Archimedean and elliptical copulas, for the five currencies. The dependence structure is asymmetric and heavy tailed.Research limitations/implicationsThe findings of this paper have important implications for diversification decision and hedging problems for investors who involving in foreign currencies. The authors found that the portfolio is diversified with the consideration of extreme events. Therefore, investors who are holding an individual currency with VaR higher than the portfolio may consider adding other currencies used in this paper for hedging.Originality/valueThis is the first paper estimating VaR of a currency exchange rate portfolio using a combination of Bayesian GARCH model, EVT and copula theory. Moreover, the VaR of the currency exchange rate portfolio can be used as a benchmark of the currency exchange market risk.

ACS Style

Xiu Wei Yeap; Hooi Hooi Lean; Marius Galabe Sampid; Haslifah Mohamad Hasim. The dependence structure and portfolio risk of Malaysia's foreign exchange rates: the Bayesian GARCH–EVT–copula model. International Journal of Emerging Markets 2020, ahead-of-p, 1 .

AMA Style

Xiu Wei Yeap, Hooi Hooi Lean, Marius Galabe Sampid, Haslifah Mohamad Hasim. The dependence structure and portfolio risk of Malaysia's foreign exchange rates: the Bayesian GARCH–EVT–copula model. International Journal of Emerging Markets. 2020; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Xiu Wei Yeap; Hooi Hooi Lean; Marius Galabe Sampid; Haslifah Mohamad Hasim. 2020. "The dependence structure and portfolio risk of Malaysia's foreign exchange rates: the Bayesian GARCH–EVT–copula model." International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.

Research article
Published: 06 August 2020 in International Journal of Finance & Economics
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Very few studies verified whether Socially Responsible Investments (SRIs) add value during a financial turmoil. We fill this gap. We conduct the analysis by employing the Fama and French (2015) five‐factor model along with the usual Fama and French's (1993) and Carhart's (1997) models. We also propose an innovative methodology that takes into consideration the higher moments of the explanatory variables in order to deal with the non‐normality and the heteroskedasticity of return distributions. Rather than inspecting Socially Responsible (SR) mutual funds as done by most of the existent literature, we concentrate on SR indexes, in the conviction to overcome some of the limitations that can potentially bias an analysis carried out on mutual funds. Our results show that both SR and conventional indexes performed almost in the same way independently of the financial market conditions. Little evidence can at best support the conclusion that SRIs dampened the downside risk during the recent financial crisis in North America only. At the same time, SRIs do not seem to suffer from a risk‐adjusted perspective during normal times. As expected, SRIs bear a higher level of idiosyncratic volatility compared to their respective conventional investments. Our innovative methodology plays an important role in explaining the cross section of SR returns.

ACS Style

Hooi Hooi Lean; Fabio Pizzutilo. Performances and risk of socially responsible investments across regions during crisis. International Journal of Finance & Economics 2020, 1 .

AMA Style

Hooi Hooi Lean, Fabio Pizzutilo. Performances and risk of socially responsible investments across regions during crisis. International Journal of Finance & Economics. 2020; ():1.

Chicago/Turabian Style

Hooi Hooi Lean; Fabio Pizzutilo. 2020. "Performances and risk of socially responsible investments across regions during crisis." International Journal of Finance & Economics , no. : 1.

Journal article
Published: 23 July 2020 in International Journal of Strategic Property Management
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The novelty of this paper is to ascertain a nonlinear relationship between housing supply and house price. This study is conducted based on panel dataset of four different types of houses in Malaysia from 2002Q3 through 2016Q4. Although housing supply has been theoretically assumed to be positively and linearly related to house price, we observed that the number of new houses build in Malaysia has declined despite the increasing house prices. Hence, we posit that housing supply and house price are nonlinearly related. The results from pooled mean group estimation show the existence of inverted U-shaped housing supply curve. The threshold level of house price index is found at 186.92 where the effect of house price on housing starts will become negative after this point. We also find that the marginal effects of house price evaluated at the minimum and maximum levels are positive and negative, respectively, and statistically significant. This paper suggests that the squared term of house price should be included in estimating housing supply in Malaysia. The evidence of inverted U-shaped housing supply curve in Malaysia shows that housing authorities have taken steps to overcome the challenges of oversupply by reducing the approvals for housing development projects.

ACS Style

Geok Peng Yeap; Hooi Hooi Lean. NONLINEAR RELATIONSHIP BETWEEN HOUSING SUPPLY AND HOUSE PRICE IN MALAYSIA. International Journal of Strategic Property Management 2020, 24, 313 -322.

AMA Style

Geok Peng Yeap, Hooi Hooi Lean. NONLINEAR RELATIONSHIP BETWEEN HOUSING SUPPLY AND HOUSE PRICE IN MALAYSIA. International Journal of Strategic Property Management. 2020; 24 (5):313-322.

Chicago/Turabian Style

Geok Peng Yeap; Hooi Hooi Lean. 2020. "NONLINEAR RELATIONSHIP BETWEEN HOUSING SUPPLY AND HOUSE PRICE IN MALAYSIA." International Journal of Strategic Property Management 24, no. 5: 313-322.

Journal article
Published: 28 June 2020 in Finance Research Letters
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Using the stochastic dominance (SD) approach, this paper examines whether the gold-oil portfolio return stochastically dominates the oil portfolio return. The SD results show that the gold-oil portfolio stochastically dominates the one without gold at the SSD and TSD orders. We also find that portfolio risk decreases as we add more gold into the oil portfolios. This indicates that risk-averse investors in the oil market should include gold in their portfolios to maximize their expected utilities. The findings of this paper suggest that investors may design appropriate investments with gold to diversify their oil portfolios.

ACS Style

Osamah M. AlKhazali; Hooi Hooi Lean; Ali Mirzaei; Taisier Zoubi. A comparison of the gold-oil portfolio and oil portfolio: A stochastic dominance approach. Finance Research Letters 2020, 40, 101670 .

AMA Style

Osamah M. AlKhazali, Hooi Hooi Lean, Ali Mirzaei, Taisier Zoubi. A comparison of the gold-oil portfolio and oil portfolio: A stochastic dominance approach. Finance Research Letters. 2020; 40 ():101670.

Chicago/Turabian Style

Osamah M. AlKhazali; Hooi Hooi Lean; Ali Mirzaei; Taisier Zoubi. 2020. "A comparison of the gold-oil portfolio and oil portfolio: A stochastic dominance approach." Finance Research Letters 40, no. : 101670.

Journal article
Published: 08 May 2020 in Resources Policy
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This paper proposes the role of natural resource dependence (NRD) in the conventional Environmental Kuznets Curve (EKC) hypothesis in resource-based countries. We set up three hypotheses to challenge the conventional EKC hypothesis. Empirically, we find that NRD strengthens the relationship between economic growth and CO2 emissions while weakens the relationship between the quadratic of economic growth and CO2 emissions. This infers that the EKC pattern in resource-based countries does not follow the conventional EKC pattern due to natural resource curse mechanism. Our results imply that the EKC mechanism per se does not explain the growth–environment nexus in resource-based countries. The explanation is rather found in a mix of both EKC and natural resource curse hypotheses.

ACS Style

Ramez Badeeb; Hooi Hooi Lean; Muhammad Shahbaz. Are too many natural resources to blame for the shape of the Environmental Kuznets Curve in resource-based economies? Resources Policy 2020, 68, 101694 .

AMA Style

Ramez Badeeb, Hooi Hooi Lean, Muhammad Shahbaz. Are too many natural resources to blame for the shape of the Environmental Kuznets Curve in resource-based economies? Resources Policy. 2020; 68 ():101694.

Chicago/Turabian Style

Ramez Badeeb; Hooi Hooi Lean; Muhammad Shahbaz. 2020. "Are too many natural resources to blame for the shape of the Environmental Kuznets Curve in resource-based economies?" Resources Policy 68, no. : 101694.

Journal article
Published: 01 January 2020 in Cogent Social Sciences
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ACS Style

Jin Hooi Chan; Intan H. M. Hashim; Suet Leng Khoo; Hooi Hooi Lean; Athina Piterou. Entrepreneurial orientation of traditional and modern cultural organisations: Cases in George town UNESCO world heritage site. Cogent Social Sciences 2020, 6, 1 .

AMA Style

Jin Hooi Chan, Intan H. M. Hashim, Suet Leng Khoo, Hooi Hooi Lean, Athina Piterou. Entrepreneurial orientation of traditional and modern cultural organisations: Cases in George town UNESCO world heritage site. Cogent Social Sciences. 2020; 6 (1):1.

Chicago/Turabian Style

Jin Hooi Chan; Intan H. M. Hashim; Suet Leng Khoo; Hooi Hooi Lean; Athina Piterou. 2020. "Entrepreneurial orientation of traditional and modern cultural organisations: Cases in George town UNESCO world heritage site." Cogent Social Sciences 6, no. 1: 1.

Journal article
Published: 23 December 2019 in Applied Energy
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We examine the role of energy consumption in moderating the carbon dioxide emissions-income nexus in 64 middle income countries and compute the marginal effects of real GDP per capita on carbon dioxide emissions at various levels of energy consumption. To do so, we employ multiplicative interaction models because the traditional quadratic Environmental Kuznets Curve model cannot capture the marginal effects. We also use empirical techniques that can account for cross-sectional dependence, such as the Westerlund cointegration test and the Augmented Mean Group estimator. While the marginal effects of GDP on carbon dioxide emissions at the minimum, mean and maximum levels of energy consumption are 9.996, 9.210 and 8.452, respectively, we find no significant evidence that energy consumption moderates the relationship between income and carbon emissions in the panel. However, when we focus on specific countries, we find that energy consumption moderates the nexus between carbon emissions and income in roughly one-third of our sample and that the moderating effect is negative in about one fifth of the sample. We conclude with a discussion on why the moderating effect of energy consumption on the carbon emissions-income nexus differs between countries and offer some policy recommendations that are grounded in the main findings.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean; Russell Smyth. The moderating role of energy consumption in the carbon emissions-income nexus in middle-income countries. Applied Energy 2019, 261, 114215 .

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean, Russell Smyth. The moderating role of energy consumption in the carbon emissions-income nexus in middle-income countries. Applied Energy. 2019; 261 ():114215.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean; Russell Smyth. 2019. "The moderating role of energy consumption in the carbon emissions-income nexus in middle-income countries." Applied Energy 261, no. : 114215.

Original article
Published: 10 December 2019 in African Development Review
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This paper compares the impact of financial development on economic growth in the Union Économique et Monetaire Ouest Africaine (UEMOA) and non‐UEMOA countries. It also examines the finance‐growth nexus before and after the formation of UEMOA, as well as the indirect effect of economic union on economic growth through the financial sector. The study reveals a significant difference in the finance‐growth nexus between UEMOA and non‐UEMOA countries. Specifically, financial development has a robust positive impact on growth in UEMOA countries, while the impact is tenuous in non‐UEMOA countries. However, we find no remarkable difference in the finance‐growth nexus before and after the formation of UEMOA. We also reveal that economic union has no robust indirect effect on economic growth via the financial sector. The economic implication is that UEMOA could have economic benefits, but financial development is not a channel through which it influences growth. Therefore, it is necessary to reposition the union so that it can enhance the impact of finance on growth.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. Economic Union, Finance and Growth: A Prognosis in West Africa. African Development Review 2019, 31, 434 -447.

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean. Economic Union, Finance and Growth: A Prognosis in West Africa. African Development Review. 2019; 31 (4):434-447.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. 2019. "Economic Union, Finance and Growth: A Prognosis in West Africa." African Development Review 31, no. 4: 434-447.

Articles
Published: 02 December 2019 in Energy Sources, Part B: Economics, Planning, and Policy
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This paper examines two unresolved issues regarding the nexus between financial system development and environmental quality. (i) Does the structure of the financial system matter? (ii) Is there a nonlinear relationship? We employ the newly developed dynamic common correlated effect (CCE) and the dynamic panel generalized method of moments (GMM) estimators in order to address potential endogeneity, heterogeneity and cross-sectional dependence in a panel of 58 countries. The panel data analysis reveals that the structure of the financial system matters in safeguarding environmental quality. More precisely, bank-based financial development enhances environmental quality, whereas the impact of market-based financial development is tenuous. We find some evidences of a nonlinear relationship between financial system development and environmental quality. The disaggregated data reveals the countries where financial structure matters for environmental quality, and countries where a nonlinear relationship exists between the variables. Therefore, countries that want to maintain environmental quality should strengthen the development of bank-based financial system. Moreover, effort to develop and reposition the stock markets should be prioritized in countries’ environmental policies with a view to sustaining environmental quality.

ACS Style

Kizito Uyi Ehigiamusoe; Vinitha Guptan; Hooi Hooi Lean. Impact of financial structure on environmental quality: evidence from panel and disaggregated data. Energy Sources, Part B: Economics, Planning, and Policy 2019, 14, 359 -383.

AMA Style

Kizito Uyi Ehigiamusoe, Vinitha Guptan, Hooi Hooi Lean. Impact of financial structure on environmental quality: evidence from panel and disaggregated data. Energy Sources, Part B: Economics, Planning, and Policy. 2019; 14 (10-12):359-383.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Vinitha Guptan; Hooi Hooi Lean. 2019. "Impact of financial structure on environmental quality: evidence from panel and disaggregated data." Energy Sources, Part B: Economics, Planning, and Policy 14, no. 10-12: 359-383.

Journal article
Published: 16 November 2019 in Energy Economics
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We re-examine the relationship between CO2 emissions, energy consumption (EC) and economic growth (GDP) for the five main Association of Southeast Asian Nations (ASEAN-5) countries over the period 1980–2016. Our main contention is that the findings in previous studies that have examined the relationship between CO2, EC and GDP in the ASEAN-5 are biased because they fail to account for cross-sectional dependence (CD). We show that conventional tests applied to our dataset suggest a misleading conclusion about the Environmental Kuznets Curve (EKC) and Granger causal relationship between CO2, EC and GDP in the presence of CD. When we apply a new panel test of Granger non-causality that addresses CD and heterogeneity, we find considerable heterogeneity. We find unidirectional Granger causality running from GDP to CO2 for Malaysia, the Philippines, Singapore and Thailand; unidirectional causality running from GDP to EC in Indonesia, Malaysia and Thailand; unidirectional causality running from EC to GDP in Singapore and bidirectional causality between GDP and EC in the Philippines. We also find support for the EKC hypothesis for the ASEAN-5 countries.

ACS Style

Qaiser Munir; Hooi Hooi Lean; Russell Smyth. CO2 emissions, energy consumption and economic growth in the ASEAN-5 countries: A cross-sectional dependence approach. Energy Economics 2019, 85, 104571 .

AMA Style

Qaiser Munir, Hooi Hooi Lean, Russell Smyth. CO2 emissions, energy consumption and economic growth in the ASEAN-5 countries: A cross-sectional dependence approach. Energy Economics. 2019; 85 ():104571.

Chicago/Turabian Style

Qaiser Munir; Hooi Hooi Lean; Russell Smyth. 2019. "CO2 emissions, energy consumption and economic growth in the ASEAN-5 countries: A cross-sectional dependence approach." Energy Economics 85, no. : 104571.

Journal article
Published: 29 October 2019 in The Singapore Economic Review
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This paper examines the effects of macroeconomic stability on financial development in the West African region. Macroeconomic stability is measured based on five Maastricht Criteria’s variables namely inflation rate, real exchange rate, government debt, fiscal deficit and real interest rate. The study employs dynamic models on the panel data. We find that macroeconomic stability has significant effects on financial development in the region. Specifically, inflation rate, real exchange rate and fiscal deficit have negative effects, while the effects of government debt and real interest rate are positive. The implication of this study is that macroeconomic stability variables are determinants of financial development. Hence, developing economies should strive to achieve macroeconomic stability in order to drive financial development, with a view to achieving sustainable economic development.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean; Jin Hooi Chan. INFLUENCE OF MACROECONOMIC STABILITY ON FINANCIAL DEVELOPMENT IN DEVELOPING ECONOMIES: EVIDENCE FROM WEST AFRICAN REGION. The Singapore Economic Review 2019, 65, 837 -856.

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean, Jin Hooi Chan. INFLUENCE OF MACROECONOMIC STABILITY ON FINANCIAL DEVELOPMENT IN DEVELOPING ECONOMIES: EVIDENCE FROM WEST AFRICAN REGION. The Singapore Economic Review. 2019; 65 (4):837-856.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean; Jin Hooi Chan. 2019. "INFLUENCE OF MACROECONOMIC STABILITY ON FINANCIAL DEVELOPMENT IN DEVELOPING ECONOMIES: EVIDENCE FROM WEST AFRICAN REGION." The Singapore Economic Review 65, no. 4: 837-856.

Journal article
Published: 06 September 2019 in Journal of Policy Modeling
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Empirical literature on debt-growth nexus and deficit-growth nexus indicate that government debt and fiscal deficit could have negative effects on economic growth after a certain threshold level. However, the impacts of debt and deficit on economic growth via the financial sector have not been thoroughly explored. Thus, this study examines the effects of debt and deficit on finance-growth nexus in West African region. It employs empirical strategies that account for various economic and econometrics issues. Evidence from the study reveals that the impact of financial development on growth varies with the levels of debt and deficit. Specifically, the marginal effects of financial development on growth turn negative when debt and deficit exceed the threshold levels of 48.6% and -13.5% of GDP, respectively. The implication of this study is that the financial sector is one of the channels through which debt and deficit exert their influences on economic growth. Thus, an increase in financial development would not produce the desirable long-run economic benefits unless it is accompanied by a reduction in government debt and fiscal deficit. Based on the findings, the study makes some policy recommendations.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. The role of deficit and debt in financing growth in West Africa. Journal of Policy Modeling 2019, 42, 216 -234.

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean. The role of deficit and debt in financing growth in West Africa. Journal of Policy Modeling. 2019; 42 (1):216-234.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. 2019. "The role of deficit and debt in financing growth in West Africa." Journal of Policy Modeling 42, no. 1: 216-234.

Journal article
Published: 22 August 2019 in The Singapore Economic Review
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This study aims to analyze the characteristics of gold as a diversifier, a hedge or a safe haven against the stock market collapse in five countries. We propose the standard and quantile techniques in the volatility models, with the time-varying conditional variance of the regression residuals based on the TGARCH specifications. Gold exhibits considerable evidence of the strong hedge in India and the US and diversified role in China. With regards to its role as a safe haven, gold retains its status as a key investment particularly in a country where gold has a preeminent cultural role, i.e., India, as well as in the US and the UK. On the contrary, gold only plays a minor role in emerging markets like in Malaysia. Therefore, investors in India and the US can use gold to protect against losses in the stock market at all times, whereas in the UK, gold is only viewed as a profitable asset to own during the stock market collapse. Contrariwise, Chinese investors should hold a well-diversified portfolio to earn sustainable returns and offer protection against the stock market collapse. We conclude that the recent worldwide financial crises have increased the investment demand for gold over the last 17 years at least.

ACS Style

Mohd Fahmi Ghazali; Hooi Hooi Lean; Zakaria Bahari. DOES GOLD INVESTMENT OFFER PROTECTION AGAINST STOCK MARKET LOSSES? EVIDENCE FROM FIVE COUNTRIES. The Singapore Economic Review 2019, 65, 275 -301.

AMA Style

Mohd Fahmi Ghazali, Hooi Hooi Lean, Zakaria Bahari. DOES GOLD INVESTMENT OFFER PROTECTION AGAINST STOCK MARKET LOSSES? EVIDENCE FROM FIVE COUNTRIES. The Singapore Economic Review. 2019; 65 (2):275-301.

Chicago/Turabian Style

Mohd Fahmi Ghazali; Hooi Hooi Lean; Zakaria Bahari. 2019. "DOES GOLD INVESTMENT OFFER PROTECTION AGAINST STOCK MARKET LOSSES? EVIDENCE FROM FIVE COUNTRIES." The Singapore Economic Review 65, no. 2: 275-301.

Research article
Published: 05 June 2019 in Environmental Science and Pollution Research
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This paper examines the effects of energy consumption, economic growth, and financial development on carbon emissions in a panel of 122 countries. We employ both first-generation and second-generation cointegration and estimation procedures in order to address diverse economic and econometric issues such as heterogeneity, endogeneity, and cross-sectional dependence. We find a cointegration relationship between the variables. Energy consumption, economic growth, and financial development have detrimental effects on carbon emissions in the full sample. When the sample is split into different income groups, we reveal that economic growth and financial development mitigate carbon emissions in high-income group but have the opposite effects in low-income and middle-income groups. The implication of the findings is that energy consumption increases carbon emissions. While high levels of income and financial development decrease carbon emissions, low levels of income and financial development intensify it. Based on the findings, the paper makes some policy recommendations.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. Effects of energy consumption, economic growth, and financial development on carbon emissions: evidence from heterogeneous income groups. Environmental Science and Pollution Research 2019, 26, 22611 -22624.

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean. Effects of energy consumption, economic growth, and financial development on carbon emissions: evidence from heterogeneous income groups. Environmental Science and Pollution Research. 2019; 26 (22):22611-22624.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. 2019. "Effects of energy consumption, economic growth, and financial development on carbon emissions: evidence from heterogeneous income groups." Environmental Science and Pollution Research 26, no. 22: 22611-22624.

Journal article
Published: 01 April 2019 in International Journal of Housing Markets and Analysis
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Purpose The purpose of this study is to examine the impact that foreign investment in existing houses and new housing development has on residential house prices and the growth of the housing construction sector. Design/methodology/approach The analysis is based on a panel cointegration method, estimated using annual data for all Australian states and territories spanning the period of 1990-2013. Findings The results indicate that increases in foreign investment in existing houses do not significantly lead to increases in house prices. On the other hand, a 10 per cent increase in foreign investment for housing development decreases house prices by 1.95 per cent. We also find that foreign real estate investments have a positive impact on housing construction activities in the long run. Originality/value Existing studies used aggregate foreign real estate investment in their analyses. As foreign investment in existing houses and foreign investment for housing development have different impacts on the demand and supply sides of housing market, it is crucial that the analysis of the effects of foreign investment in residential properties on real estate market is conducted for each type differently.

ACS Style

Hassan F. Gholipour; Hooi Hooi Lean; Reza Tajaddini; Anh Khoi Pham. Foreign investment in Australian residential properties. International Journal of Housing Markets and Analysis 2019, 12, 166 -180.

AMA Style

Hassan F. Gholipour, Hooi Hooi Lean, Reza Tajaddini, Anh Khoi Pham. Foreign investment in Australian residential properties. International Journal of Housing Markets and Analysis. 2019; 12 (2):166-180.

Chicago/Turabian Style

Hassan F. Gholipour; Hooi Hooi Lean; Reza Tajaddini; Anh Khoi Pham. 2019. "Foreign investment in Australian residential properties." International Journal of Housing Markets and Analysis 12, no. 2: 166-180.

Journal article
Published: 25 March 2019 in Economies
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This study examines the moderating effects of the real exchange rate and its volatility on the finance-growth nexus in the West African region. It also determines the marginal effects of financial development on economic growth at various levels of the real exchange rates and its volatility. The findings show that financial development has a long-term positive impact on economic growth, but this impact is weakened by real exchange rate and its volatility. The marginal effects of financial development on economic growth vary with the levels of the real exchange rate and its volatility. The higher the real exchange rate and its volatility, the less finance spurs growth. We also provide evidence of this scenario in individual specific countries in the region. The implication of this study is that the development of the financial sector would not provide the desirable economic benefits except it is accompanied by a reduction and stability in the real exchange rates. Based on the findings, the study makes some policy recommendations.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. Influence of Real Exchange Rate on the Finance-Growth Nexus in the West African Region. Economies 2019, 7, 23 .

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean. Influence of Real Exchange Rate on the Finance-Growth Nexus in the West African Region. Economies. 2019; 7 (1):23.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. 2019. "Influence of Real Exchange Rate on the Finance-Growth Nexus in the West African Region." Economies 7, no. 1: 23.

Articles
Published: 20 March 2019 in Journal of African Business
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This paper examines the impact of foreign capital inflows on economic growth in Nigeria for 1980–2015 period. It employs Autoregressive Distributed Lagged (ARDL)-bounds test, and finds a cointegration relationship between foreign capital inflows and growth. Specifically, foreign portfolio investment has positive impact on growth, while the impact of foreign loans is negative. Nevertheless, foreign direct investment and foreign aid have insignificant impact on growth, suggesting that Nigeria cannot rely on foreign direct investment and foreign aid as vehicles to stimulate growth. Rather, an increase in foreign portfolio investment or reduction in foreign loans has beneficial effects on the economy.

ACS Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. Foreign Capital Inflows and Economic Growth in Nigeria: Any Nexus? Journal of African Business 2019, 20, 455 -471.

AMA Style

Kizito Uyi Ehigiamusoe, Hooi Hooi Lean. Foreign Capital Inflows and Economic Growth in Nigeria: Any Nexus? Journal of African Business. 2019; 20 (4):455-471.

Chicago/Turabian Style

Kizito Uyi Ehigiamusoe; Hooi Hooi Lean. 2019. "Foreign Capital Inflows and Economic Growth in Nigeria: Any Nexus?" Journal of African Business 20, no. 4: 455-471.