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Welcome to The IUP Journal of Financial Economics

March'12

Previous Issues

The IUP Journal of Financial Economics aims to provide a platform to encourage research in the domain of financial economics emphasizing on the analytical, empirical, and clinical contributions in major areas like Financial Markets and Institutions, Asset Pricing, International Finance, Derivatives and major branches of Economics including Information Economics, Game th eory and Public Economics with an internationa l focus. The journal also encourages contributions highlighting recent developments in econometric techniques applicable to financial economics.

  • Financial Markets and Institutions
  • Asset Pricing
  • International Finance
  • Volatility
  • Market Microstructure
  • Generic and Structured Derivatives
  • Corporate Finance
  • Evolution of Economic Thought
  • Information Economics
  • Game Theory
  • Macro and Micro Economics
  • Inter-temporal Equilibrium models
  • Multivariate time-series models
  • Non-linear Dynamic models
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The Effect of Exchange Rates on Economic Growth: Empirical Testing on Nominal Versus Real
Integration of Indian Stock Market with Other Markets in the Asia-Pacific Region
Dynamic Panel Data Model and FDI Determinants in India
Valuation of Fixed Price Offers: An IPO Perspective
Market Timing, Selectivity and Mutual Fund Performance: An Empirical Investigation of Selective Equity Diversified Schemes in India
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Contents
(March'12)

Strategic Urban Development Under Uncertainty

-- Flavia Cortelezzi, Pierpaolo Giannoccolo and Giovanni Villani

The aim of this paper is to analyze the equilibrium strategies of two developers in the real estate market, when demands are asymmetric. In particular, the paper considers three key features of the real estate market. First, the cost of redeveloping a building is, at least partially, irreversible. Second, the rent levels for different buildings vary stochastically over time. Third, demand functions for space are interrelated and may produce positive or negative externalities. Using the method of option pricing theory, the paper addresses this issue at three levels. First, it models the investment decision of a firm as a preassigned leader as a dynamic stochastic game. Then, it solves for the non-cooperative case, and for the perfectly cooperative case, in which redevelopment of an area is coordinated between firms. Finally, it analyzes the efficiency/inefficiency of the equilibria of the game. It is found that if one firm has a significantly large comparative advantage, the preemptive threat from the rival will be negligible. In this case, short burst and overbuilding phenomena, as predicted by Grenadier (1996), will occur only as a limiting case.

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Foreign Aid Inflows and the Real Exchange Rate: Are There Dutch Disease Effects in Ghana?

-- Aliyu Rafindadi Sanusi

This paper presents empirical evidence that the massive foreign aid inflows into Ghana that accompanied the 1983 reforms had some Dutch disease effects. This finding contrasts with some of the startling findings in the recent literature that aid inflows into Ghana, instead of causing real appreciation of the cedi, caused its depreciation. Using the behavioral equilibrium real exchange rate approach, it is found that foreign aid inflows do have a significantly positive effect on the real exchange rate in the long run, but not in the short run. It is argued that this is plausible when aid increases are saved to raise foreign reserves as was the case in Ghana. In the long run, however, when all aid increases were spent, real appreciation could be expected as the theory predicts. The policy implication of this finding is that Ghanaian authorities must ensure that aid increases are spent on raising Ghana's productive capacity so that supply response will offset any negative effect of the real appreciation on economic growth.

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Impact of Political Regime and Economic Openness on Income Inequality: A Tale of Low-Income and OECD Countries

-- Archana Pillai

This paper attempts to study the changing global economic and political environment and assess its impact on fundamentals like income inequality. Scholars have time and again studied the impact of globalization and intensity of the economy. But the integration of the political climate into a comprehensive framework is attempted here. The paper aims to study the process of income inequality in both the OECD and low-income countries within a framework of variables like level of democracy, FDI, trade intensity and growth in GDP per capita. It studies 54 countries for the period 1971-2000, using multiple regression analysis technique, and also checks for robustness and accuracy of the results. The variable of the political regime (level of democracy) is found to be significant. This validates the hypothesis of using the political environment in the studies on globalization or welfare.

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A Note on the Social Costs of Monopoly and Regulation

-- Jamal Ibrahim Haidar

The aim of this note is to discuss the economic perspective of the social costs of monopoly and regulation. First, this note sketches a well-recognized argument in the industrial organization, microeconomic theory, law practice, and various public policy perspectives. Second, it defines the three building-block assumptions for the argument and provides four remarks on them. Third, it concludes and provides a guidance to a needed correction in social cost measurement given the contemporary regulatory framework.

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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