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Economics
The IUP Journal of Monetary Economics

August' 08
Focus

Discussion about inflation is back, given the current international economic scenario. Hence, an understanding of the importance and implications of relationships among key variables
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Do Exchange Rates Cause Stock Prices, or Vice-Versa? Evidence From Malaysia
50
Currency Crises and Monetary Policy in Economies with Partial Dollarization of Liabilities
50
Does Credit Channel Matter in the Conduct of Monetary Policy in Singapore?
50
Monetary Hyperinflations, Speculative Hyperinflations and Modeling the Use of Money
50
Macroeconomic Fluctuations and Stabilization Policy Implications for Lesotho
50
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Do Exchange Rates Cause Stock Prices, or Vice-Versa? Evidence From Malaysia

-- Mohd. Fahmi Ghazali, Siti Hajar Samsu, Ooi Ai Yee and Nelson Lajuni

The main purpose of this paper is to examine the relationship between stock prices and exchange rates in Malaysia, for the periods immediately before and during the 1997 Asian crisis, and during the currency unpegged period. This research considers high-frequency data of USD-MYR exchange rates and Kuala Lumpur Composite Index (KLSE). The Toda-Yamamoto causality test finds that there was no causality at all during the non-crisis and crisis periods.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50

Currency Crises and Monetary Policy in Economies with Partial Dollarization of Liabilities

-- Christian Proano, Peter Flaschel and Willi Semmler

After the breakdown of aggregate investment observed after the 1997-98 East Asian crisis, in almost all countries which suffered from sharp nominal devaluations, academicians and policymakers have engaged in a hot debate about the adequate monetary policy strategy against a speculative attack on the domestic currency. By means of a simple currency crisis model based on Proano, Flaschel and Semmler (2005), this paper shows how an increase in the domestic interest rate by the central bank, as a response to a currency run on the domestic currency, can significantly affect the aggregate demand by depressing the investment of the subsector of domestic firms which are not indebted in foreign currency.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50

Does Credit Channel Matter in the Conduct of Monetary Policy in Singapore? -- Wai-Ching Poon

This paper employs the bounds testing approach for cointegration analysis (Pesaran et al., 2001) to examine the impact of interest rate and exchange rate on output, and then uses the estimated weights to construct Monetary Conditions Index (MCI) for Singapore over the quarterly period 1981-2004. Designed to measure the stance of monetary condition, MCI plays an important role for the conduct of monetary policy.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50

Monetary Hyperinflations, Speculative Hyperinflations and Modeling the Use of Money

-- Alexandre Sokic

The aim of this paper is to clarify the failure of the Cagan model with perfect foresight, and to draw new axes for the investigation of monetary hyperinflation analysis. Firstly, the paper evaluates the relevance of the Cagan d hoc model with perfect foresight as a theoretical framework for investigating hyperinflation processes. It is shown that deficits can never generate monetary hyperinflations, confirming the results of Buiter (1987).

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50

Macroeconomic Fluctuations and Stabilization Policy Implications for Lesotho

-- Powell L Mohapi and Matamatama C Mohapi

This paper computes the facts on macroeconomic variables and investigates the implications of those facts for stabilization policy interventions for Lesotho. The Hodrick-Prescott (HP) filter is used to separate the trend and cyclical components of Lesotho macroeconomic variables, grouped into expenditure components—monetary variables, external variables and labor market variables.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50
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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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