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The current paper threats the relationship between inflation and unemployment in Tunisia in the context of the Phillips curve. To demonstrate this relationship we need the cointegration test using annual data from 1991 to 2019. Our variables are inflation and unemployment which is figuring by his gap taken by the Hodrick and Prescott filter with ????????= 100. In the case of Tunisia, variables are stationary at level meaning that the cointegration test is unavailable. That’s why we can run for a VAR model to evaluate the relationship between variables over time.

Keywords: VAR model, inflation, unemployment, annual time series, stationary test.

This study deals with the impact of cash flow volatility on the corporate investment behaviour of Pakistan’s nonfinancial firms. In order to do this analysis, we use the data from 2006 to 2015 for a sample of 274 nonfinancial firms and apply the Generalized Method of Moments (GMM). We find that cash flow volatility inversely affects investment decisions of the firms. Onwards, we decompose firms in terms of financial constraints and, accordingly, do separate analysis for financially constrained and unconstrained firms. For decomposition of firms, we use the methods of Total Assets and Dividend PayOut Ratio. The decomposed analysis shows that the financially constrained firms are more vulnerable to cash flow volatility as compared to unconstrained firms. However, the magnitude of vulnerability is sensitive to the criteria used for decomposition.

Keywords: Cash Flow Volatility, Corporate Investment, Dividend, Non-Financial Firms, Financially Constrained Firms, Financially Unconstrained Firms.

JEL Classification: D25, G35, M41, G3.

This paper investigates the effect of COVID-19 pandemic on stock market in KSA applying an Autoregressive Distributed Lag (ARDL) cointegration approach. More especially, we analyze the relationship between the natural logarithm of trading volume of Tadawull All shares index (TASI) and thenatural logarithm of daily COVID-19 confirmed  cases both in the short run and the longrun. The bounds test for cointegration is carried out for daily series over the period from March 02, 2020 till May 20, 2020.TodaYamamoto causality test is implemented between variables. Our findings indicate that there is a negative impact of COVID-19 on stock market only in the longrun. Causality test reveals a unidirectional causality from COVID-19 prevalence’s measure to stock market. Robustness check seems to be conclusive.

Keywords: Stock Market, COVID19, ARDL, Bounds test, KSA.

JEL Classification: I10, G15, C32, O53

This research examines the factors affecting the dividend payout ratio of nonfinancial companies listed on HOSE & HNX in Vietnam from 2008-2018. The results demonstrate the positive relationship between Past-Divid end and CEO gender on dividend payments. However, firm size and ROE have negative impact son the Payout ratio.

Keywords: Dividend policy, foreign ownership, female CEO, size, ROE.

JEL: G32, G34, G35

Greece’s adoption of the common monetary policy occurs simultaneously with China’s accession to the World Trade Organization in the early 2000s. Since then, bilateral trade relations have improved significantly in light of the economic crisis and China’s economic penetration strategy in the European Union. This paper aims to assess export orientation patterns of EU countries, such as Greece, once these institutional changes have taken place, through applying the gravity model methodology. It also highlights structural diversification patterns, comparing the composition of Greek exports worldwide and towards China. The gravity model provides empirical evidence on the impact of Chinese import structure on bilateral trade. Limited internal resources and the relative absence of heavy industries in Greece imply strong dependency on exports to China carrying high import content.

Keywords: Greece, China, Gravity equation, Trade structure.

JEL Classification: C23, F14

The study investigates impact of COVID-19 and oil price shock on banking system liquidity in Nigeria from the period dated 1st June, 2019 to 30th June, 2020. Using confirmed cases of COVID-19, global price of crude oil and deposit liabilities as variables of study. The results reveal that there is a positive significant impact between COVID-19 and changes in banking system liquidity in Nigeria. On the other hand, the results of the follows of oil price slump reveal that there is a negative significant relationship between oil price and banking system liquidity. Also the results of Johansen cointegration test reveal that the series are cointegrated that is exhibit a long run relationship. The results of the granger causality tests suggest evidence of bidirectional causality flowing from COVID-19 to banking system liquidity vice versa while there is no evidence of causality running from oil price shock to banking system liquidity vice versa. Based on this, the study concludes that COVID-19 and Oil price shocks impacted significant on banking system liquidity in Nigeria.

Keywords: COVID-19, Oil Price Shock, Liquidity, Banking System, Nigeria.

This paper estimates the effect of the changes in the exchange rate on domestic inflation under the managed floating exchange rate regime in India. The potential channels of causality between exchange rate, inflation rate, output and interest rate, and the sources of contemporaneous shocks are identified following the Kamin and Rogers framework. Using monthly data for the period from April 1994 to April 2017, this paper estimates the structural relationship among the variables applying the VAR and SVAR estimation methods. The SVAR estimates show that variations in the exchange rate are explained more by the output gap than the inflation rate. The estimated effect of changes in the exchange rate on inflation is just 0.1 percent while the effect of changes in inflation on the exchange rate is more than 4 percent. The low effect of exchange rate on inflation in India is largely due to the RBI?s managed floating exchange rate regimes that goes hand to hand with the market determination of the exchange rate. The effective intervention of the Reserve Bank of India evens out exchange rate volatility by increase/decrease in net foreign exchange assets and sterilises the expansionary monetary effect by increase/decrease in net domestic credit. The effective RBI intervention on the foreign exchange rate almost neutralises the effect of exchange rate on inflation rate in India.

Keywords: Managed floating exchange rate, volatility, domestic inflation, structural vector autoregression estimation.

This study investigates whether there exists a stable longrun money demand function in Bangladesh from 1996 to 2017. To achieve this goal, yearly timeseries data was collected and three variables were chosen: real money, interest rate, and GDP. The autoregressive distributed lag (ARDL) cointegration modeling approachhas been implemented to assess the longrun relationship among real money, interest rate, and GDP. ARDL resultshows a longrun association among real money, interest rate, and GDP, which is consistent with the stable money demand function. The consistency of the longrun money demand function has also been verified by the cumulative sum and cumulative sum of square tests. Finally, we concluded that the longrun as well as shortrunestimates are stable and the estimated model is more reliable in Bangladesh.

Keywords: Money demand, stability, ARDL and Bangladesh.

A group dominated by brokers prepared a platform where they can trade in securities of listed companies. Year after year that group got larger and no. of brokers associated themselves which later became stock exchanges. However, with little capital, rising competition, and almost negligible governance, investor’s wealth and confidence over the stock exchanges decreased. Considering such situation, Indian Govt. came up with series of amendments in 2002-2005 to the existing laws so to inspire a sense of confidence among the investors. These amendments not only made demutualisation of stock exchanges compulsory but also streamlined the process of corporate governance. However, this was not the first time when a govt. has tried regulating Indian stock exchanges. Past record shows that even colonial govt. attempted to regulate Bombay Stock Exchange and the trading done therein. This paper attempts to do a comprehensive study of the changes in the ownership structure from a not-for-profit member owned organization to a shareholder owned organization and the role of governments (including the pro-independence governments) in regulating the stock exchanges in India. The primary contribution this study seeks to make is in the sphere of corporate governance related to the process of demutualisation of Indian stock exchanges. This shall not only help in improving investor’s perception about the stock exchanges but shall also promote reliability and confidence of investors.

Keywords: Demutualization Stock exchange Investors Regulators Corporate Governance.