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This study empirically investigates the upshot of money supply on inflation in Nigeria using annual time series data spanning from 1970 to 2016. Co-integration and Autoregressive Dynamic Error Correction Model (ADLECM) approach was utilized. The results showed that money supply does not considerably influence inflation both in the long and short run possibly because the country is in recession. The ECM has the correct sign of negative and it is significant meaning that about 21% of the errors are corrected yearly. The Granger causality outcome demonstrates that, there is no causality between money supply and inflation in Nigeria within the study period and vice-versa. The implication of this is often that there are different economic conditions which are key determinant of inflation in Nigeria. The study recommends that the government should diversify the economy, minimize importation by encouraging local production of products and services. The CBN should guarantee an exchange rate policy that is essentially determined by the state of the economy and not by speculators being a net importation economy. Also, the CBN should look inwards into the current interest rate and see how it can be regulated in such a way that will encourage private and foreign investors to be able to invest in the country. This in turn, successively increases income, infrastructure development and economic growth at large.

://www.mofa.go.jp/region/europe/eu/summit. Japan, Trade, European Commission, http://ec.europa.eu/trade/policy. Japan, Treaties Office Database, http://ec.europa.eu/world/agreements. Japonia i Korea, http://www.europarl.europa.eu. Japonia, Ministerstwo Gospodarki, http://www.mg.gov.pl. http://biznes.pl/swiat. JETRO, Japan’s Inward FDI by Country and Region, https://jetro.go.jp. Ministry of Foreign Affairs of Japan, http://www.mofa.go.jp. Ministry of Foreign Affairs of Japan, http://www.mofa.go.jp/ecm/ie/page3e_000459.html. Ministry of Foreign Affairs of Japan, http://www.mofa.go.jp/ecm/ie/page22e_000769.html

Economics Association, Vol. 13, No.1, pp. 32-47. H endershott , P., L izieri , C., M atysiak , G., 1998, The Working of the London Office Market: Model Estimation and Simulation , Real Estate Research Institute, WP – 63. H ui , E.C.M., Y u , K. H., 2006, The Dynamics of Hong Kong’s Office Rental Market, International Journal of Strategic Property Management, Vol. 10, pp. 145-168. K uryj -W ysocka , O., K uryj , J., W isniewski , R., 2014, The Dynamics of Real Estate Field of Value , Real Estate Management and Valuation, Vol. 22, No. 4, pp. 105 - 113 M c C atney , J

cycles , Journal of International Economics, 75 (1), pp. 110–130. L eipziger V olkszeitung , 1998, Früherer Baulöwe wird zu offenen Rechnungen aus der Mädlerpassage befragt / Prozesstermin im Abril/Gericht will ihn als Zeugen – Schneider kommt zurück .14 fev 1998. L in T.C., L in Z., 2011, Are stock and real estate markets integrated? An empirical study of six Asian economies , Pacific-Basin Finance Journal, 19, pp. 571–585. L ing Z., H ui E.C.M., 2013, Structural change in housing submarkets in burgeoning real estate market: A case of Hangzhou, China , Habitat

), while real GDP is integrated of order 1 I(1). The three time series are not co- integrated because they are integrated of different order. Since the three time series are not co-integrated and an Error Correction Model (ECM) cannot be specified, the process of modeling continues with the first differences of the three variables: (3.30) ΔENS = a0 + a1*Δr + a2*ΔY + ut 131 Table 3.4. ADF unit root test on equilibrium national saving Null Hypothesis: ENS has a unit root Exogenous: Constant Lag Length: 3 (Automatic - based on SIC, maxlag=8) t

The Impact of Exchange Rate Volatility on Turkish Exports: 1993-2009

This paper attempts to investigate the long-run and short-run relationships between Turkish exports, exchange rate volatility, foreign income, and relative prices by employing quarterly data for the period 1993Q3-2009Q4. Towards this purpose, multivariate cointegration and error correction model (ECM) techniques are used in this study. The long-run estimation results suggest that foreign income and real exchange rate volatility exert positive and statistically significant impacts on Turkish exports, while relative prices affect Turkish exports negatively and significantly. In addition, the results of the ECM model indicate that relative prices have a negative and significant effect, foreign income has an insignificant effect, and nominal exchange rate volatility has a positive and significant effect on Turkish exports.

-integration & ECM : representation, estimation, and testing”, In Econometrica Book, 55, 251-276. Narayan (2005), “The saving & investment nexus for China: evidence from cointegration tests”, Applied Economics, 37, 1979–1990. Narayan & Smyth (2008), “Energy consumption & real GDP in G7 countries: new evidence from panel cointegration with structural breaks”, in journal Energy Economics, 30, 2331– 2341. Narayan & Prasad (2008), “Electricity consumption real GDP causality nexus: evidence from a bootstrapped causality test in OECD countries”, in journal Energy Policy, 36, 910– 918

articles discussing the short-term economic costs or benefits of the revolution or establishment of democracy. This article tries to fill this gap by estimating the short-term net economic effects of the revolution, taking the example of Armenia and using advanced methodologies such as machine learning (ML) and deep neural networks (DNNs). In addition, this article compares the DNN and ensembling model prognosis with more standard, classic model approaches, such as autoregressive integrated moving average (ARIMA) or error correction model (ECM), using the example of the

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on the dynamics of major financial assets in the U. S. The cointegration model applied in the paper takes into consideration the short-run economic dynamics and long-run economic equilibrium between major asset classes. It indicates that the Federal Reserve’s monetary policy determines the long-run trends of major asset class prices. One important conclusion reached is “that optimal asset allocation based on the ECM specification can be quite different from traditional asset allocations that ignore the cointegrating relation”. The second article “The Effect

Model (ECM) Approach. British Journal of Economics, Management & Trade 10(2): 1-12. Nyasha S. and Odhiambo N.M., 2017. Bank Versus Stock Market Development in Brazil: An ARDL Bounds Testing Approach. South East European Journal of Economics and Business 12 (1): 7-21 Odedokun, M. O., 1998. Financial intermediation and economic growth in developing countries. Journal of Economic studies, 25(3): 203-224. Oliner, S. D. & Rudebusch, G. D. 1996. Monetary policy and credit conditions: evidence from the composition of external finance: comment. The American Economic Review