2. Publicaciones

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4068

Las publicaciones de ESAN reúnen una variedad de materiales académicos y prácticos que abarcan áreas fundamentales como la administración, economía, negocios, entre otros. Con enfoque en la formación y el desarrollo profesional, estas obras buscan contribuir al conocimiento y la innovación en diversas disciplinas; asimismo, proporciona información relevante y actualizada para la comunidad académica y empresarial en el ámbito local e internacional

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2018 - 20192

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Autor: search.filters.author.Shakil, Mohammad HassanTema: search.filters.subject.ARDL

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Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    Is gold a hedge or a safe haven? An application of ARDL approach
    (Universidad ESAN. ESAN Ediciones, 2018-06-01) Shakil, Mohammad Hassan; Mustapha, Is'haq Muhammad; Tasnia, Mashiyat; Saiti, Buerhan
    Purpose – The argument whether gold is a hedge or haven is a debatable Issue. Mainly hedge is a class of asset that is negatively correlated with another asset or portfolio on average. On the other hand a safe haven is an asset or portfolio which is negatively correlated with another asset or portfolio at the time of market turmoil. Therefore the purpose of this research is to take Saudi Arabiaas an example to examine the relationship of gold price in Saudi Arabia with key determinants such as the stock market index oil prices exchange rate interest rate and consumer price index (CPI) by application of the autoregressive distributed lag model (ARDL). Design/methodology/approach – The ARDL analysis was employed by using six variables based on the application of monthly time series data that were collected from 2011 to 2015. Findings – From the present analysis it has been discovered that gold is useful as a portfolio hedge and as a hedge against inflation because it is not affected by the CPI. External factors for example financial crisis may be harmful to the CPI thus adding a certain percentage of gold in the investment portfolio may assist in decreasing the level of risk at the time of financial turmoil. Originality/value – Because gold seems to be a useful portfolio hedge as well as an inflation hedge government policies to curb the import of gold may be futile. The present research suggests that policies that directly address the causes of inflation and provide alternative investment opportunitiesfor retail investors may better serve the objective of decreasing gold imports.
  • Miniatura
    ÍtemSolo Metadatos
    Foreign direct investment and institutional stability: who drives whom?
    (Universidad ESAN. ESAN Ediciones, 2019-06-01) Mahmood, Nihal; Shakil, Mohammad Hassan; Akinlaso, Ishaq Mustapha; Tasnia, Mashiyat
    Purpose – The purpose of this paper is to examine the relationship between foreign direct investment (FDI) flows and institutional stability. The focus country is Canada. It is one of the few countries where the economy remained relatively stable compared to other economies during the Global Financial Crisis. It is crucial for Canada to determine the optimal level of institutional development to attract more FDI and sustain the sound financial stability in future. Design/methodology/approach – This study uses the auto-regressive distributive lag (ARDL) approach to understand the relationship between FDI and institutional stability along with other controlled variables for instance gross national product inflation and exports. Findings – The key finding of this work is that FDI and institutional stability are cointegrated in the long run. The error correction model of ARDL shed light on institutional stability being an exogenous variable and FDI is an endogenous variable. Institutional stability affects FDI as it is exogenous. The findings will help policymakers to implement policies to strengthen the institution’s settings and this in turn will attract more investment. Originality/value – Based on previous theoretical and empirical literature most of the research points to FDI positively affect institutional stability. In some cases the relationship does not always hold true. This study will fix the gap in the literature by investigating the relationship between FDI and institutional stability of Canada.