Search Results

You are looking at 1 - 10 of 116 items for :

  • Vector Error Correction Model x
Clear All
Open access

Irena Kikerkova, Elena Naumovska, Katerina Toshevska-Trpchevska and Elena Makrevska Disoska

Abstract

The subject of this paper is the foreign direct investment (FDI) inflow in Macedonia and its impact upon the economic growth and development of the country. Its basic purpose is to analyse the interconnection of FDI with a number of economic, political and institutional variables in Macedonia. We decided to apply Vector Error Correction Model (VECM) on FDI impact upon the Macedonian economy. The FDI indicator is calculated as a function of certain fundamental economic variables (GDP growth rate, labor productivity rate, openness to trade, current account balance) as well as of Worldwide Governance Indicators (control of corruption, government effectiveness, political stability, regulatory quality and rule of law). Results obtained by the econometric model should provide relevant conclusions on the impact of the up-to-date FDI inflow upon the growth and development of the Macedonian economy.

Open access

Hami Mahyar

, U. (2011). Life expectancy and economic growth: the role of the demographic transition. Journal of economic growth, 16(2), 99-133. De la Croix, D., & Licandro, O. (1999). Life expectancy and endogenous growth. Economics Letters, 65(2), 255-263. Ebenstein, A., Fan, M., Greenstone, M., He, G., Yin, P., & Zhou, M. (2015). Growth, Pollution, and Life Expectancy: China from 1991-2012. Becker Friedman Institute for Research in Economics Working Paper, (2015-03). Engle, R. F., & Granger, C. W. (1987). Co-integration and error correction: representation

Open access

Oluwakemi Adeola Obayelu and Samuel Ebute

cointegration - with Applications to the demand for money. Oxford Bulletin of Economics and Statistics 1990; 52, 169-210. 8. McKay A, Morrisey O, Vaillant C. Aggregate supply response in Tanzanian agriculture. The Journal of International Trade and Economic Development 1999; 8(1): 107-23. 9. Mesike CS, Okoh RN, Inoni OE. Supply response of rubber farmers in Nigeria: An application of Vector Error Correction Model. Agricultural Journal 2010; 5:146-150. 10. Mythili G. Acreage and yield response for major crops in the pre-and post

Open access

Mahyar Hami

-411. Engle, R. and Granger, C. (1987). Co-integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55(2), 251-276. English, W. B. (1999). Inflation and financial sector size. Journal of Monetary Economics, 44(3), 379-400. Hami, M. (2014). Inflation and Openness: Empirical Evidences From Iran (1965-2010). Studies in Business and Economics, 9(2), 27-32. Hanif, M.N., and Batool, I., (2006). Openness and Inflation: A Case Study of Pakistan. MPRA Paper, No 10214, 1-8. Haslag, J. H

Open access

Vesna Bucevska and Goran Mojanoski

economic dynamics and control , Vol. 12, No. 2-3, pp. 231-254. 11. Johansen. S. (2000). Modelling of cointegration in the vector autoregressive model. Economic modelling , Vol. 17, No. 3, pp. 359-373. 12. Josifidis, K., Allegret J. P., Pucar, E. B. (2009). Monetary and exchange rate regimes changer: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia. Panoeconomicus , Vol. 2. pp. 199-226. 13. Mussa. M. (1986). Nominal exchange rates regimes and the behaviour of real exchange rates: Evidence and Implications. Carnegie – Rochester

Open access

Kamel Garfa

lag modelling approach to cointegration analysis. Cambridge University: Department of Applied Economics . [11] Pesaran, M.H., Shin, Y., Smith, R., 2000, Structural analysis of vector error correction models with exogenous I(1) variables. Journal of Econometrics, 97, 293-343 [12] Pesaran, M.H., Shin, Y., Smith, R., 2001, Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics , 16(3), 289-326. [13] Pesaran, M.H., Shin, Y., Smith, R.J., 1996, Testing for the Existence of a

Open access

Ibrahim S. Alley, Abimbola L. Adebayo and Blessing O. Oligbi

financial development and growth in sub-Saharan African countries, Thesis Submitted for the degree of Doctor of Philosophy at the University of Leicester. Modigliani, F., Miller, M. H. (1963), Corporate income taxes and the cost of capital: A correction, American Economic Review , Vol. 53, pp. 433–443. Sanda, A. U., Mukaila, A. S., Garba, T. (2005), Corporate Governance Mechanisms and Firm Financial Performance in Nigeria, Final Report Presented to the Biannual Research Workshop of the AERC, Nairobi, Kenya, pp. 24–29. Uadiale, O. M. (2010), The Impact

Open access

Bing Zhu

of Real Estate Finance and Economics. 34: pp.35-80. G hosh C., M iles M., S irmans C.F., 1996, Are REITs stocks? Real Estate Finance, 13(3), pp.13-25. G lascock J., L u C., S o R., 2000, Further Evidence on the Integration of REIT, Bond and Stock Returns. Journal of Real Estate Finance and Economics, 20, pp.177-194. H oesli M., L izieri C., M ac G regor B., 2008, The Inflation Hedging Characteristics of US and UK Investments: A Multi-Factor Error Correction Approach. Journal of Real Estate Finance and Economics, 38, pp.183

Open access

Irena Palić, Berislav Žmuk and Barbara Grofelnik

ekonometrijsku analizu . Element, Zagreb. 4. Barro, R.J. (1990). Government spending in a simple model of endogeneous growth. Journal of Political Economy , Vol. 98, No. 5, pp. 103-125. 5. Bleaney, M., Gemmell N., Kneller R. (2001). Testing the endogenous growth model: public expenditure, taxation and growth over the long run. Canadian Journal of Economics , Vol. 34, No. 1, pp. 36-57. 6. Bonu, N. S., Pedro Motau, P. (2009). The impact of income tax rates (ITR) on the economic development of Botswana. Journal of Accounting and Taxation , Vol.1, No. 1, pp. 8

Open access

Ali Awdeh

Abstract

The central bank of Lebanon adopted exchange rate targeting in 1994 and it has exploited several instruments (particularly interest rate) since then to stimulate foreign financial inflows. This study aims at testing the impact of this strategy on economic performance and welfare in both the short- and long-run. In this regard, we exploit monthly data covering the period January 2002-June 2017 and implement cointegration analysis and VEC model. The empirical results suggest that monetary tools exploited by the central bank of Lebanon depress economic growth in the long-run. Moreover, despite their importance for external balance, financial inflows may hinder economic activity in both short- and long-run. On the other hand, monetary policy transmission channels through bank credit and capital play a constructive role for GDP growth.