220 research outputs found
Impact of Macroeconomic Policies on Agricultural Prices
No full textExisting empirical evidence on the impact of macroeconomic variables on agriculture remains mixed and inconclusive. This paper re-examines the dynamic relationship between monetary policy variables and agricultural prices using alternative vector autoregression (VAR) type model specifications. Directed acyclic graph theory is proposed as an alternative modeling approach to supplement existing modeling methods. Similar to results in other studies, this study’s findings show that over the time period analyzed (1975–2000), changes to money supply as a monetary policy tool had little or no impact on agricultural prices. The primary macroeconomic policy instrument that affects agricultural prices is the exchange rate, which is shown to be directly linked to interest rate, a source of monetary policy shock.agricultural prices, cointegration, directed acyclic graphs, monetary policy, VAR, Agricultural and Food Policy, Demand and Price Analysis,
"Does foreign intellectual property rights protection affect U.S. exports and FDI?"
No full textUsing GMM models on a panel data of fifty-three countries, we examine whether stronger foreign IPR protection stimulates international transactions of U.S. multinational firms. The empirical results suggest that foreign countries that strengthen their IPR protection, especially those with strong imitative ability, can attract more international transactions from U.S. multinational firms.export, FDI, intellectual property rights, GMM
Trade openness and economic growth: is growth export-led or import-led?
No full textMost previous investigations have only focused on the effect of export expansion on economic growth while ignoring the potential growth-enhancing contribution of imports. This article re-examines the relationship between trade and economic growth in Argentina, Colombia, and Peru with emphasis on both the role of exports and imports. Granger causality tests and impulse response functions were used to examine whether growth in trade stimulate economic growth (or vice versa). The results suggest that the singular focus of past studies on exports as the engine of growth may be misleading. Although there is some empirical evidence supporting export-led growth, the empirical support for import-led growth hypothesis is relatively stronger. In some cases, there is also evidence for reverse causality from gross domestic product growth to exports and imports.
Asset storability and hedging effectiveness in commodity futures markets
No full textThis paper examines risk minimization hedging effectiveness for major storable and nonstorable agricultural commodity futures markets. Based on the error correction model - bivariate GARCH frameworks, some evidence is found that the hedging effectiveness is stronger for storable commodities than nonstorable commodities under consideration. The finding illustrates an important difference between storable and nonstorable commodities with regard to their hedging function.
IS THE EXPORT-LEAD GROWTH HYPOTHESIS VALID FOR CANADA?
No full textEmpirical evidence linking exports to economic growth has been mixed and inconclusive. This study re-examine the export-led growth (ELG) hypothesis for Canada by testing for Granger causality from exports to national output growth using vector error correction models (VECM) and the augmented vector autoregressive (VAR) methodology developed in Toda and Yamamoto (1995). Application of recent developments in time series modeling and the inclusion of relevant variables omitted in previous studies help clarify the contradictory results from prior studies on the Canadian economy. The empirical results suggest that a long-run steady state exists among the model's six variables and that Granger causal flow is unidirectional from real exports to real GDP.International Development, International Relations/Trade, F43, C32,
Causality between exports, imports, and economic growth: Evidence from transition economies
No full textDoes Agriculture Really Matter for Economic Growth in Developing Countries?
No full textIn recent decades, the potential contribution of agriculture to economic growth has been a subject of much controversy among development economists. While some contend that agricultural development is a precondition to industrialization, others strongly disagree and argue for a different path. Taking advantage of recent developments in time series econometric methods, this paper re-examines the question of whether agriculture could serve as an engine of growth. Results from the empirical analysis provide strong evidence indicating that agriculture is an engine of economic growth. Furthermore, we find that trade openness has a positive effect on GDP growth
Assessing the Impact of Food Aid on Recipient Countries: A Survey
No full textThis paper surveys the economic literature on the impacts of food aid on recipient countries. The paper reviews the conceptual and empirical challenges associated with evaluating the impacts of food aid and surveys the main analytical techniques that are used in such evaluations. It then summarizes the available economic evidence on the impacts of food aid on national economic development, domestic agricultural production and markets, commercial trade and the nutritional status of recipients.food aid, aid effectiveness, nutrition, trade, production, prices.
Is the export-led growth hypothesis valid for Canada?
No full textEmpirical evidence linking exports to economic growth has been mixed and inconclusive. This study re-examines the export-led growth (ELG) hypothesis for Canada by testing for Granger causality from exports to national output growth using vector error correction models (VECM) and the augmented vector autoregressive (VAR) methodology developed in Toda and Yamamoto (1995). Application of recent developments in time series modelling and the inclusion of relevant variables omitted in previous studies help to clarify the contradictory results from prior studies on the Canadian economy. The empirical results suggest that a long-run steady state exists among the model's six variables and that Granger causal flow is unidirectional from real exports to real GDP.
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