The Lahore Journal of Economics 15 : 1 (Summer 2010): pp. 1-26 The Determinants of Pakistan’s Trade Balance: An ARDL Cointegration Approach Waliullah*‚ Mehmood Khan Kakar‚ Rehmatullah Kakar and Wakeel Khan ** Abstract This article is an attempt to examine the short and long-run relationship between the trade balance‚ income‚ money supply‚ and real exchange rate in the case of Pakistan’s economy. Income and money variables are included in the model in order to examine the monetary and absorption
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Price in Malaysia: an Empirical Analysis. Asian Economic Journal‚ 13(2)‚ 219-231. Johansen S. and Juselius K. (1992). Testing Structural Hypotheses in Multivariate Cointegration Analysis of the PPP and UIP for UK. Journal of Econometrics‚ 53: 211 – 244. Johansen S. and Juselius K. (1990). Maximum Likelihood and Inference on Cointegration With Applications to the Demand for Money. Oxford Bulletin of Economics and Statistics‚ 52: 169 – 210. Kaneko T‚ Lee B. S. (1995). Relative Importance of Economic
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1. INTRODUCTION: The movement of stock indices is highly sensitive to the changes in fundamentals of the economy and to the changes in expectations about future prospects. Expectations are influenced by the micro and macro fundamentals which may be formed either rationally or adaptively on economic fundamentals‚ as well as by many subjective factors which are unpredictable and also non quantifiable. It is assumed that domestic economic fundamentals play determining role in the performance of stock
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Operational Framework 7 IV. Methodology 8 Autoregressive Distributed Lag Model 9 Error Correction Model 11 4.1 Empirical Analysis 12 Unit Root Test 12 Optimality Lag Test 13 Johansen Test for Cointegration 13 Test for Spurious Regression 13 Test for Autocorrelation 14 Test for Causality 14 Single Equation ECM 14 Estimated Model 15 V. Analysis and Conclusion 17 VI. References 19 Appendix
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financial liberalization. Design/methodology/approach – The test of banking competition is premised on the argument by Hannan and Berger that retail interest rate rigidity results from either market concentration or the size of the customer base. The cointegration and error correction models are applied to quarterly wholesale and retail interest rates from 1987 through 2001‚ in order to analyze their long-run as well as short-run dynamics. Findings – The retail lending and deposit rates possess a long-run
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References: Atkins‚ F. J. (1989)‚ ‘Cointegration‚ Error Correction and the Fisher Effect’‚ Applied Economics 21‚ 1611–1620. Atkins‚ F.J. and Coe‚ P.J. (2002)‚ ‘An ARDL bounds test of the long-run Fisher effect in the United States and Canada’‚ Journal of Macroeconomics‚ 24‚ 2: 255-266. Atkins
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Trade and Development Review Vol. 2‚ Issue 2‚ 2009‚ 79-92 http://www.tdrju.net Export‚ Imports‚ Remittance and Growth in Bangladesh: An Empirical Analysis Haydory Akbar Ahmed1 Md. Gazi Salah Uddin2 This paper investigates the causal nexus between export‚ import‚ remittance and GDP growth for Bangladesh using annual data from 1976 to 2005. The paper uses time series econometrics tools to investigate the relationship adding import and remittance in the model. Study finds limited support in favor
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Vol. 2‚ No. 3 International Business Research An ARDL Approach in Food and Beverages Industry Growth Process in Malaysia Rohana Kamaruddin Department of Economics‚ Faculty of Business Management‚ Universiti Teknologi Mara‚ Malaysia Tel: 60-3-5544-4935 E-mail: rohana070@salam.uitm.edu.my / rohana77@hotmail.com Kamaruzaman Jusoff (Corresponding author) Faculty of Forestry‚ Universiti Putra Malaysia‚ 43400 Serdang‚ Selangor. Malaysia. Tel: 60-3-8946-7176 E-mail: kjusoff@yahoo.com The research
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Fiscal Deficit-Economic Growth Nexus in India: A Cointegration analysis Ranjan Kumar Mohanty1 Abstract The basic aim of the study is to examine both the short run and long run relationship between fiscal deficit and economic growth in India by covering the time period from 1970-71 to 201112. Johansen Cointegration test‚ Granger Causality test‚ And Vector Error correction Model (VECM) technique are adopted in order to examine the objectives of this study. The Johansen methodology confirms the existence
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December 2000. 4. Levin‚ E.J.‚ Wright ‚ R.E.‚ Short-run and Long-run Determinants of the Price of Gold‚ World Gold Council‚ Research Study No.32‚ June 2006. 5. Worthington‚ A.C.‚ and Pahlavani‚ M.‚ Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogeneous structural breaks‚ Accounting & Finance Working Paper 06/04‚ School of Accounting & Finance‚ University of Wollongong‚ 2006. http://ro.uow.edu.au/accfinwp/20. 6. Garner‚ C.A.‚ How useful are leading indicators
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