Laluan pengembangan pelaburan di Malaysia 1970-1998

Ide Laluan Pengembangan Pelaburan [LDP] telah diperkenalkan oleh Dunning pada talum 1979. Hipofesis IDP menyatakan bahawa terdapat hubungan Glllara tingkat pembcUlgunan sesebuah negara (diproksikan oleh Keluaran Negara Kasar per kapita) dengan kedudukan pelaburan antarabangsanya (stok pelaburan langsung asing (PDf) bersih, iaitu FDI keillar dito/ak FDI l1lasuk). Artikel ini adalah bertujuan untuk menguji ide IDP ini bagi kes Malaysia. Hllbrmgan antara pelaburan dengan pembangunan ini akan dilihat berasaskan kajian empirikal bagi tempoh 1970-1998. Tujuannya ialah untuk menentukan sama ada PDf di Malaysia menepati jangkaan seperti apa yang disarankan dalam teorem IDP. Analisis regresi menunjukkan bahawa FDI di Malaysia memasuki tahap I dan tahap 2 daripada 5 tahap paradigma IDP dan dapatan ini menyokong paradigma IDP di Malaysia

Tingkat daya saing industri Malaysia dalam globalisasi

Dalam sistem Ekonomi Baru, setiap negara terdedah kepada persaingan global. Dunia tanpa sempadan atau dikenali sebagai pengaruh globalisasi memaksa setiap negara menjadi lebih berdaya saing dan inovatif, atau terpaksa menjadi pemangsa globalisasi. Pasaran kini bersifat dinamik, persaingan bersifat global, dan bentuk organisasi bersifat jaringan, bukan lagi bersifat pegun, domestik, dan organisasi birokrasi. Pengeluaran bukan lagi bersifat 'mass production' tetapi pengeluaran yang fleksibel. Kunci kepada pertumbuhan adalah pengetahuan dan inovasi. Sementara teknologi yang digunakan bukan lagi bersifat mesin tetapi berbentuk digital. Dengan berkembangnya fenomena tersebut menyebabkan tingkat persaingan global semakin sengit. Sehubungan dengan itu perindustrian di Malaysia perlu bersedia menghadapi persaingan global dengan cepat, pantas dan tepat melalui peningkatan daya saingnya, terutama peningkatan kualiti sumber tenaga manusia yang mahir dalam rangka menghadapi AFTA, APEC dan WTO

Pulangan,risiko dan kemeruapan sektor sekuriti diluluskan syariah : Pendekatan GARCH dan CAPM bersyarat

Bagi menunjukkan sistem kewangan Islam adalah satu alternatif yang terbaik, maka prestasi saham syariah perlu dikaji dun membandingkannya dengan saham konvensional. Pulangan yang tinggi akan menarik pelabur membuat pelaburan dalam sekuriti tersebut.Ini kerana pulangan kepada syarikat seterusnya dibahagikan kepada para pemegang saham dalam bentuk keuntungan dan dividen Walau bagaimanapun, pelabur juga mengetahui bahawa pelaburan yang berisiko tinggi akan menjamin pulangan yang tinggi (high risk high return).Oleh itu, kajian ini adalah satu usaha untuk mendalami pengetahuan tentang prestasi pulangan sekuriti lulus Syariah. Salah satu kajian yang perlu dilakukan ialah melihat hubungan di antara pulangan dan beta (pengukur risiko) dan peranan beta dan CAPM dalam menerangkan perbezaan keratan rentas pulangan sekuriti lulus Syariah. Kajian ini menumpukan kepada 456 sekuriti lulus Syariah yang tersenarai di Papan Utama dengan melihat hubungan bersyarat purata pulangan dan beta bagi sekuriti-sekuriti yang diluluskan oleh Majlis Penasihat Syariah. Sementara itu kemeruapan pulangan saham ditakrifkan sebagai serakan terhadap purata pulangan saham atau lebih dikenali sebagai varians. Maklumat dan pengetahuan mengenai gelagat kemeruapan pulangan saham begitu penting kepada ahli ekonomi dan para penganalisis kewangan dalam menyelesaikan beberapa masalah ekonomi yang berkaitan. Poterba dan Summers (1986) telah mengaitkan pengaruh keberterusan pulangan terhadap hubungan antara perubahan kemeruapan dengan harga saham manakala Bollerslev et. al. (1992) pula menyatakan bahawa terdapat tiga sifat yang mempengaruhi kemeruapan pulangan saham iaitu sifat keberterusan pulangan, sifat min-varians, dan sifat hubungan tidak simetri. Kajian ini menggunakan model-model keluarga ARCH untuk menganalisis gelagat kemeruapan pulangan saham lulus syariah di Bursa Saham Kuala Lumpur, Malaysia. Penganggar empirikal ini menggunakan data mengenai harga saham lulus syariah untuk setiap hunter, volume dagangan, Indeks industri Dow Jones (IZDJ), Indeks Syariah, Indeks Komposit, Kadar Faedah Antara Bank dun Kadar Faedah Antara Bank Islam. Analisis seterusnya adalah membandingkan dapatan untuk melihat hubungan antara risiko,pulangan dan kemeruapan

Economic growth, defence expenditure and threats in Nigeria 1980-2013: Bound co-integration analysis

The research of Benoit (1973, 1978) has triggered a great deal of research interest on the defense expenditure and growth relationship, however, the findings still remain inconclusive.The variations are attributed largely to the distinctive socioeconomic factors associated with different countries; availability of data, methodological differences, models and diverse econometric techniques employed.Furthermore, studies conducted on this aspect in Nigerian context, concentrate in examining the causal relationship between economic growth and defence expenditure.Recently, the activities of deadly “Boko Haram” and Niger Delta Militant have threatened the country.This research aims at testing the impacts of defense expenditure and threats on economic growth in Nigeria, between 1980 and 2013 on the basis of Aizeman and Glick arguing that defense expenditure in the presence of threats can stimulate economic growth. The study adopts the robust ARDL Model to solve most of the problems associated with Cointegration analysis in the presence of small sample size and mix integration order.The ARDL results revealed that there is significant long run relationship between defence expenditure and threat on economic growth in Nigeria both in the short and long run conditions.The result further indicates bidirectional positive relationship between defence expenditure and economic growth in Nigeria while threat has unidirectional negative impact running from threat to economic growth.One of the policy implication of the study is that the policy makers should revisit the funding of defence sector as the current 0.5% budget is seen as grossly inadequate for the defence sector while considering the internal threats and the global military expenditure trend

The Interactional Impact of Defence Expenditure and Arms Importation on Economic Growth in Nigeria: An Autoregressive Approach

Little is done on the empirical analyses of the impact of defence expenditure on arms and economic growth. The few conducted concentrated on developed countries, which are exporters of arms. This study examines the short run and long run impact of arms importation on the economic growth in Nigeria, using ARDL model. Literature on defence expenditure and economic growth are often conflicting and inconclusive. These outcomes are due to the non-linear growth effects of defence and incorrect model specifications. The crucial growth effects of defence expenditure can be traced by properly controlling the interaction term. This paper examines the defence-arms interaction on Nigeria in the context of Aizeiman and Glick (2006) models. The result reveals that defence-arms interaction in Nigeria exerts negatively on the economic growth. It therefore recommends that defence R&D as well Defence Industrial Cooperation of Nigeria (DICON) should be properly financed and managed for efficiency and self-reliability. Keywords: Defense expenditure; Arms Importation; Economic growth. JEL Classifications: H5, H56, H57, Q3

Kepentingan modal sosial dalam pertumbuhan ekonomi

Social capital is just like one of the many forms of capital, such as physical capital, produced economic capital and human capital which has individual role that contribute to the country's growth and prosperity. Physical capital is the combination of production input and labour input in order to produce output. Human capital investment is considered as one of the catalysts to the county's growth. Nowadays, social capital is an indirect new source that contribute to the county's growth. Nevertheless, the study on contribution of social capital is still new and has various definitions. The measurement of social capital needs insight on social functioning, and the network and link between individuals in a community. All these insights can be utilised to contribute positive outcomes for the individual, ethnic group and community a like. This understanding can provide a picture of how individuals in a community cooperate in achieving mutual goals for building a prosperous county. This article looks at the role of social capital in assisting a county's economic growth. The Human Development Index (HDI) which is utilised by the World Bank will be used depict the relationship between economic growth and social capital. The regression analysis outcome on the relationship between HDI and Gross Domestic Product (GDP) shows a positive and significant relationship

A framework of indirect taxation system in public finance from Syariah perspectives

The subject matter of public finance follows the development in state activities and corresponding economic philosophy. With the passage of time and policies of state, the scope of public finance expanded to cover more areas. The development of new political, economic, social, formulation of fiscal and monetary policies made profound differences in the present as compared to the past public finance problems. The fiscal system practiced by Muslim state in the past was consistent, operational, efficient and worked within the value of an Islamic society perspectives. The scholars of the period expressed practical wisdom and economic insight to bear on fiscal issues as evidenced by contribution of among others by Abu Yusuf Yaqub bin Ibrahim (d. 798 A.D.) which showed enormous economic insights in solving these problems and highlighted the distinctive value-based orientation of the mobilization of the resources of revenue and its disbursement in accordance with the objectives of Islamic Syariah. This article explores the model and wisdom of indirect tax practices as being implemented by past Islamic leaders in fulfilling their obligations towards managing the nation while protecting the people’s wellbeing