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International Journal of Management Studies (IJMS) Vol. 20, No. 1 June 2013

Fiscalism as Spending and Monetary Integration
Masudul Alam Choudhury
Institute of Islamic Banking and Finance
International Islamic University Malaysia
 
Noreha Halid
Faculty of Economics and Management
Universiti Kebangsaan Malaysia
 
Mohammed Saleh Ahmed
Department of Mathematical and Statistics
Sultan Qaboos University
 
Mohammad Shahadat Hossain
Chitt agong University
Chitt agong Bangladesh
 
Abstract Ɩ Full Text
Macroeconomic policy coordination and the fi eld of micro-foundation of the macroeconomic theory have been riddled with the contest of claimed effi cacy between the Keynesian school and the monetarist school. Keynesianism upheld the predominance of fi scalism (spending) in economic stabilization on the one side. Friedman’s monetarist theory vouched for the same on the other side. As a result of the monetary and fi scal contest between the two schools a convergence between them could not be att ained. Such a divide is similar in economic science as it has been a fi asco thus far in the physical sciences between Quantum Mechanics explaining the small world phenomenon, and Relativity Physics explaining the large world phenomenon. The nonhomogenous views of a unique reality in economics, as in science, have defied the unifi cation of theories and application for the greater objective of wellbeing in an embedded social economy, beyond sheer address of the stabilization question. Our paper strides out in the new direction of a socioscientific epistemological worldview of the unifi cation of monetary and fi scal (spending) regimes in a consolidated theory of complementarities between them. The paper does this by breaking new grounds that are based on the model of organic unity of knowledge, which acts upon the simulation of well being with the method of circular causation. A review of the literature and introduction of formalism are undertaken to expound the theme of economic stabilization by means of complementing monetary and fi scal (spending) regimes in a unifi ed theory, while addressing the simulation of well-being in a learning model of unity of knowledge. The emergent methodology presents the description of a system of inter-variables circular causation relations. An extensive review of the literature is undertaken. An empirical presentation and a case study establish the validity of the well-being model with circular causation.
 
Keywords: Monetary and spending regimes, epistemology and economics, economic stabilization, well-being.
 

 
Long-Run and Short-Run Relationships Between Education and Economic Growth: The Malaysian Experience
Ishak Yussof, Atif Awad Abdillah & Zulkifly Osman
Faculty of Economic and Business
Universiti Kebangsaan Malaysia
 
Abstract Ɩ Full Text
This paper investigates the long and short-run relationships between human capital, measured in terms of average years of schooling for people aged 15 years and older, and economic growth in Malaysia between 1970 and 2009. The data was collected from various sources, including the World Bank database, the International Labour Organization (ILO) and scholarly texts. The Auto Regressive Distributed Lag (ARDL) test was utilized to examine the relationships between education and economic growth. The results of the co-integration test revealed that economic growth was absolutely exogenous and the remaining variables were endogenous in Malaysia. This fi nding suggests that the status of these variables depend on the level of economic growth, while the opposite is not true. The most interesting results were that the long-run forcing variables for human capital accumulation were capital stock, employment and economic growth. However, the causality test revealed that economic growth, employment and capital stock, not only aff ects human capital in the short-run, but in the long run as well. The causality tests performed detected two-way relationships between human capital and capital stock, and employment separately in the long run. Although economic growth is exogenous, Malaysia should still continue to invest in its human capital accumulation since it could att ract more investments and subsequently create employment opportunities within the economy.
 
Keywords: Education levels, education development, income, economic growth.
 

 
The Effect of China and the Factors Affecting Foreign Direct Investments in Asean Countries
Koy Pei Wen, Mohamed Hisham Yahya & Roslinda Rahman
Faculty of Economics and Management
Universiti Putra Malaysia
 
Abdul Razak Abdul Hadi
Universiti Kuala Lumpur Business School
Universiti Kuala Lumpur
 
Abstract Ɩ Full Text
Foreign direct investment (FDI) plays an important role in bolstering economic growth. It acts as a pillar in supporting the industrialization and economic development of countries. The objectives of this study are to: (a) Recognise factors aff ecting FDI in countries in the Association of Southeast Asian Nations (ASEAN) region and (b) examine the eff ect of China’s entry into the World Trade Organisation (WTO) on the FDI in ASEAN countries. The Vector Autoregressive method (VAR) was applied to establish the factors that had signifi cant impacts on FDI infl ows over the period 1980–2010 for these countries. Apart from the conventional variables, such as market size, labour cost, interest rates, exchanges rates, corporate tax rates, and degree of openness, this study incorporates another variable, that is, the event of China joining the WTO. This is to determine whether the entry of China into WTO had any impact on FDI in the ASEAN region. The result reveals that, fi rstly, only market size is not a signifi cant factor in determining the FDI infl ows for all the ASEAN countries being studied (i.e. Indonesia, Malaysia, Philippines, Singapore and, Thailand). Secondly, most of the ASEAN member countries’ FDI are infl uenced by China’s entry into WTO in 2001.
 
Keywords: China, ASEAN, WTO, VAR, Foreign direct investment.

 
World Economic Trends: An Enquiry
Akhilesh Chandra Prabhakar
School of Economic, Finance and Baking
Universiti Utara Malaysia
 
Abstract Ɩ Full Text
The series of current global economic and fi nancial crises especially in the USA and the European Stock Exchange Markets, the international division of labour and the global distribution of economic and political power led by free markets economies clearly indicate the collapse of Adam Smith’s ideology, and the Thatcher–Reagan free– market model that dominated thinking for 30 years has been discredited. A practical solution for the current ills is possible.
 
Keywords: International fi nance capital, crisis of capitalism, socialism is the future.
 

 
Conceptualisation of Nation Brand Image
Bintang Handayani & Basri Rashid
School of Tourism, Hospitality and Environmental Studies
Universiti Utara Malaysia
 
Abstract Ɩ Full Text
This paper examines the nation brand image notion. Literature review is employed as the method to develop the conceptual model. This paper suggests that the multifaceted nature of a nation can be covered in the nation brand image. In addition, the theoretical relationship between national brand identity, national identity, tourism brand and nation brand image and is also explored. This paper eventually proposes a conceptual model of nation brand image and suggests that future research include the multi elements of national brand identity and national identity as the components of nation brand image.
 
Keywords: Conceptual model, nation brand image.
 

 
Hubungan Antara Kualiti Produk, Kualiti Perkhidmatan dan Kepuasan Pelanggan dalam Perbankan Islam
Mohd Fauzwadi Mat Ali, Abu Bakar Hamed & Muhammad Nasri Md Hussain
Islamic Business School
Universiti Utara Malaysia
 
Abstrak Ɩ Full Text
Perkembangan sistem perbankan Islam di Malaysia adalah berdasarkan kepada kesedaran dan permintaan masyarakat kepada suatu sistem yang bebas daripada unsur gharar dan riba. Justeru, objektif utama kajian ini adalah untuk mengkaji hubungan antara kualiti produk dan kualiti perkhidmatan dengan kepuasan pelanggan dalam perbankan Islam. Kualiti produk melibatkan keselesaan dan keberadaan produk, manakala kualiti perkhidmatan adalah kepatuhan, jaminan, ketara, empati, responsif dan kebolehpercayaan. Kajian ini melibatkan data kuantitatif dan data dikutip dengan menggunakan soal selidik. Pembantu penyelidik digunakan bagi mengutip data dari responden yang merupakan pelanggan perbankan Islam. Sebanyak 266 borang soal selidik telah diterima untuk dianalisis dengan menggunakan program Statistical Package for Social Science (SPSS). Analisis deskriptif kepuasan pelanggan perbankan Islam adalah tinggi. Begitu juga bagi faktor-faktor kualiti produk dan kualiti perkhidmatan. Kesemua faktor kualiti produk dan kualiti perkhidmatan menunjukkan korelasi yang positif dan signifi kan dengan kepuasan pelanggan. Analisis regrasi berbilang menunjukkan pemboleh ubah kualiti produk dan kualiti perkhidmatan menerangkan 64 peratus varian dalam kepuasan pelanggan. Faktor responsif, empati, ketara, kepatuhan dan keberadaan produk merupakan faktor-faktor yang mempengaruhi kepuasan pelanggan secara signifi kan. Keputusan menunjukkan bahawa pelanggan berpuas hati terhadap kualiti produk dan kualiti perkhidmatan yang disediakan oleh pihak perbankan Islam. Pihak perbankan Islam seharusnya memberikan perhatian yang khusus dan prihatin kepada kehendak pelanggan, meyakinkan pelanggan dengan kepatuhan syariah terhadap produk yang ditawarkan, menonjolkan kemudahan dari segi fi zikal, peralatan dan penampilan imej kakitangan serta berkeinginan untuk membantu dan menaikkan imej institusi perbankan Islam.
 
Kata kunci: Kepuasan pelanggan; kualiti produk; kualiti perkhidmatan; perbankan Islam; Islam; Malaysia.
 

 
Penilaian Prestasi Maklum Balas 360 Darjah dari Perspektif Islam: Satu Tinjauan
Ab. Aziz Yusof
School of Business Management
Universiti Utara Malaysia
 
Abstrak Ɩ Full Text
Penilaian prestasi merupakan nadi kepada kehidupan organisasi serta fungsi penting dalam pengurusan sumber manusia. Pelaksanaannya sering diselubungi oleh pelbagai masalah psikososial yang menyebabkan berlakunya konflik, ketidakpuasan, kebimbangan, tekanan, ketandusan upaya dan lainlain. Tanggapan ketidakadilan dalam pelaksanaan dan pengaruh politik pejabat merupakan punca utama kepada permasalahan ini. Bagi berhadapan dengan masalah ini, pelbagai kaedah penilaian prestasi telah diperkenalkan antaranya ialah Maklum Balas 360 Darjah. Walau bagaimanapun, didapati pelaksanaan kaedah ini juga masih lagi terdedah kepada pelbagai kelemahan yang berpunca daripada kesilapan manusia (human errors). Menyedari permasalahan yang dihadapi, kertas kerja ini cuba meneroka pendekatan penilaian prestasi Maklum Balas 360 Darjah daripada perspektif Islam sebagai gantian kepada kaedah konvensional. Kertas kerja ini akan membincangkan justifi kasi keperluan kepada pendekatan Islam, pelakupelaku yang terlibat dalam pelaksanaannya serta ciri-ciri yang perlu ada pada pendekatan penilaian prestasi Maklum Balas 360 Darjah daripada perspektif Islam.
 
Kata kunci: Penilaian prestasi, penilaian prestasi Maklum Balas 360 Darjah, penilaian prestasi Maklum Balas 360 Darjah dari perspektif Islam.

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