Purpose This study investigates the short- and long-run relationship between stock prices and exchange rates in the Association of Southeast Asian Nations (ASEAN)+6 markets. In the short run, support is found for both the theory of a goods market where exchange rates influence stock returns and portfolio balance theory, where stock returns influence exchange rates. Design/methodology/approach The co-integration approach of linear and nonlinear augmented autoregressive distributed lag (ARDL) models was applied to daily data from 2 January 2017 to 30 June 2023. Findings The findings provide evidence that the goods market theory is supported solely in Indonesia and Singapore, while the portfolio balance theory is supported for Australia, China, India and Malaysia. Practical implications Policymakers and investors should seriously consider the importance of the study findings. The results show that all ASEAN+6 countries experience a short-term interaction between the two markets. This illustrates that exchange rates and stock price movements play vital roles in other markets. Stakeholders, particularly policymakers, should be aware of this critical relationship. Originality/value This is the first study to dynamically examine how the ASEAN+6 framework influences currency rates and stock markets.

Purpose This study investigates the impact of financial development, measured by the ratio of broad money to gross domestic products, on de jure central bank (CB) independence (CBI) in 17 countries in the Asia–Pacific region from 1995 to 2014. Design/methodology/approach This study uses the feasible generalized least squares (FGLS) approach, which is suitable since the CBI equation suffers from contemporaneous correlation, serial correlation and heteroscedasticity. Findings The FGLS results suggest a positive association between CBI and financial market development (FMD). This relationship is confirmed when estimating different indicators of de jure CBI and adopting the panel-corrected standard error estimate. However, the statistical significance of FMD is not supported when the ratio of domestic credit to the private sector to GDP is measured. Research limitations/implications It is significant to have a developed financial system to foster a better CBI. Moreover, it is important to measure the influence of financial market players on the operations of a CB. Originality/value The financial market in the Asia–Pacific has improved over the years. Hence, the results show the determinants of CBI in the Asia–Pacific, especially the role of FMD.

Purpose This paper analyzes the effects of the monetary stance on the media's favorable (or otherwise) attitude to the State Bank of Vietnam's (SBV) monetary policy using monthly data from 2011 to 2021. Monetary stance is a multivariate index based on the growth rates of money supply and domestic credit. A large set of articles published in five Vietnam daily newspapers are utilized to construct a view of the media's favorableness to the monetary policy. Design/methodology/approach This paper uses hand-collected data from 211 articles published in five newspapers from December 2011 to September 2021 in order to examine the relationship between the monetary stance and the media's favorableness to monetary policy. Following the studies of He and Pauwels (2008) and Xiong (2012), the authors constructed a multivariate stance index to capture most of the important changes in the SBV's monetary policy stance. Findings The study's main findings are that a change in monetary stance from easing to neutral/tightening, or from neutral to tightening, is greatly appreciated by the media. The study's findings are robust, especially in terms of alternative measures of the media's favorableness and monetary policy variables. Research limitations/implications These findings have important policy implications for implementing SBV's monetary policy. Originality/value The main contribution of this paper is that the authors are the first to study the nexus of multivariate monetary stance and the media's favorableness to a central bank's non-inflation-targeting mandate. In particular, the study’s findings confirm that the SBV's multivariate monetary stance affects the media's favorableness, whereas the effect of inflation is statistically insignificant.

Purpose This study examines the impact of structural shocks and policy interventions on the India/US exchange rate post the 1991 economic reforms in India. The study aims to improve forecasting accuracy by incorporating macroeconomic and microeconomic factors into the analysis using the threshold regression model (TRM), a nonlinear approach to estimation. Design/methodology/approach Extending Dornbusch’s (1976) overshooting model, the study incorporates micro factors, such as investor behaviour, beliefs and preferences, alongside traditional macroeconomic variables. Additionally, it introduces a capital control variable to assess monetary policy interventions. Using quarterly data from 1996Q2 to 2019Q3, TRM identifies two distinct economic regimes, providing a comprehensive understanding of India’s exchange rate dynamics. Findings The study reveals that macro and micro factors have varying effects on the exchange rate across regimes, reflecting India’s different economic conditions and policies. Furthermore, the TRM-based model achieves superior out-of-sample forecasting accuracy compared to the random walk model across all forecast horizons. Originality/value Unlike prior studies, where not all variables were deemed significant, our analysis demonstrates that all factors significantly influence the exchange rate. The innovative use of TRM deepens understanding of exchange rate behaviour, particularly in response to structural shocks and policy shifts. By identifying distinct economic regimes, the model offers insights into targeted policy measures tailored to India’s economic conditions, a previously unexplored perspective.

Purpose – The innovation of cryptography technique and blockchain has made cryptocurrency an alternative medium of exchange due to its safety, transparency and cost effectiveness. But its main feature cannot be separated from the users who use cryptocurrency for their illegal transactions. There are several arguments related to the legality of cryptocurrency. The purpose of this paper is to analyze the nature of cryptocurrency based on characteristics of money, legal perspective, economic perspective and Sharia perspective. Design/methodology/approach – In this study, the methodology used is descriptive with a qualitative approach. The object of this research is cryptocurrency. The data are secondary data obtained from peer-reviewed journal articles, conference papers review, working paper and Sharia consultant reports addressing the legality of cryptocurrency. The literature review analysis includes the following steps: material collection, descriptive analysis, discussion with people in Sharia competency and intuitive-subjective material evaluation. Findings – Regarding the characteristic of money, cryptocurrency is acceptable. But in terms of the legal perspectives, cryptocurrency does not meet the criteria as currency. From the economic perspective, cryptocurrency does not fully meet the characteristic currency due to high price volatility, and from the Sharia perspective, cryptocurrency can be considered property (mal) but not as a monetary value (thamanniyah). Research limitations/implications – The research findings are based on the journal articles, working paper and Sharia consultant report, and it may lack Sharia’s opinion. Any further discussion related to Sharia perspectives will be a great input to enrich the study. Practical implications – This study also includes the implications related to the opportunities and the risks of cryptocurrency that can be discussed for the development of the cryptocurrency in the future. Social implications – This study includes the implication cryptocurrency is using as nature of money and not as speculative instrument. Originality/value – This study argued the legality of cryptocurrency in four perspectives such as the nature of money, legal, economy and Sharia perspective.