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), 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.

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


This paper investigates the hedging effectiveness of the International Index Futures Markets using daily settlement prices for the period 4 January 2010 to 31 December 2015. Standard OLS regressions, Error Correction Model (ECM), as well as Autoregressive Distributed Lag (ARDL) cointegration model are employed to estimate corresponding hedge ratios that can be employed in risk management. The analyzed sample consists of daily closing market rates of the stock market indexes of the USA and the European futures contracts. The findings indicate that the time varying hedge ratios, if estimated through the ARDL model, are more efficient than the fixed hedge ratios in terms of minimizing the risk. Additionally, there is evidence that the comparative advantage of advanced econometric approaches compared to conventional models is enhanced further for capital markets within peripheral EU countries


The study examines the long-run relationship between domestic debt and the fiscal policy of economic growth in Nigeria in the period from 1981 to 2013 owing to government reforms in the financial system, particularly due to the establishment of the Debt Management Office (DMO) in 2000 and a new fully funded pension fund scheme, both of which resulted in a resurgence of the debt market. The issue that is often raised is the doubt regarding the stability of the debt and its likely implications for the economy, as well as the unpleasant consequences for the government embarking on consolidation. The study employs the autoregressive distributed lag (ARDL) approach and the bounds test as proposed by Narayan (2005), anchored on the perspective of the endogenous growth theory. The results reveal that although overall the adverse negative domestic debt hurts the economy, it has a positive effect on the total aggregate government revenue and economic growth in Nigeria in the research period. Furthermore, the paper develops a system to assess the speed of the adjustment mechanism coefficient in an error correction model (ECM).

satisfaction and service quality in the Chinese airline, Journal of Air Transport Management, 35, 102-107. Choy, K.L., Chow, H.K.H., Tan, K.H., Chan, C.K., Mok, E.C.M., Wang, Q. (2008) Leveraging the supply chain flexibility of third party logistics: Hybrid knowledge-based system approach, Expert Systems with Application, 35, 1998-2016. Coyle, J.J., Bardi, E.J., Langley C.J. (2003) The Management of Business Logistics: A supply chain perspective, 7th ed. Canada: Thomson Learning. Creswell, J.W. (2013). Research Design: Qualitative, Quantitative, and Mixed Methods