118 research outputs found
An empirical investigation on the sustainability of the Japan\u27s bilateral imbalance
No full textThis study extends the work by Tang (2006) to empirically re-investigate the sustainability of Japan\u27s trade accounts by using disaggregated data - her trading regions and countries. The previous study (Tang, 2006) finds Japan\u27s trade balances are unsustainable via aggregate data. Applying the unit root tests with unknown level shifts, this study finds that Japan\u27s bilateral accounts in three of eleven regions and thirteen of twenty eight countries are sustainable
Are imports and exports in the OCI member countries cointegrated? A reexamination
No full textApplying the recently developed unit root tests with unknown level shift (Lanne, Lutkepohl and Saikkonen, 2002Saikkonen and Lutkepohl, 2002) and the cointegration test with structural break (Gregory and Hansen, 1996), this study reinvestigates the cointegration relationship between imports and exports for the Organization of the Islamic Conference (OIC) member countries as in Tang and Mohammad (2005). It is found that restrictions are not applicable for testing cointegration between imports and exports for OIC member countries. Interestingly, this study shows cointegration between exports and imports for 9 of the 27 selected OIC member countries (Bangladesh, Cameroon,Chad, Guyana, Indonesia, Mali, Morocco, Niger and Senegal) compared to
only 4 countries as demonstrated by Tang and Mohammad (2005). Consequently, relevant policy implications are also discussed in this study
ARE IMPORTS AND EXPORTS IN THE OIC MEMBER COUNTRIES COINTEGRATED? A REEXAMINATION
No full textApplying the recently developed unit root tests with unknown level shift (Lanne, Lutkepohl and Saikkonen, 2002; Saikkonen and Lutkepohl, 2002) and the cointegration test with structural break (Gregory and Hansen, 1996), this study reinvestigates the cointegration relationship between imports and exports for the Organization of the Islamic Conference (OIC) member countries as in Tang and Mohammad (2005). It is found that restrictions are not applicable for testing cointegration between imports and exports for OIC member countries. Interestingly, this study shows cointegration between exports and imports for 9 of the 27 selected OIC member countries (Bangladesh, Cameroon, Chad, Guyana, Indonesia, Mali, Morocco, Niger and Senegal) compared to only 4 countries as demonstrated by Tang and Mohammad (2005). Consequently, relevant policy implications are also discussed in this study.JEL classification: F14, F35Key words: Cointegration, Structural break, Organization of the Islamic Conference (OIC
Export led growth in Hong Kong: empirical evidence from the components of exports
No full textUsing Granger\u27s causality approach, the hypothesis of export led growth for Hong Kong has been empirically tested via the components of total exports namely re-exports, domestic exports, and export of services. This paper contributes to the existing literature by the following ways. Firstly, this study extends Tuan and Ng\u27s (1998) work by considering the role of export of services. Secondly, better estimates of using larger sample size are granted due to the use of quarterly data. Thirdly, this study employs Autoregressive Distributed Lag (ARDL) framework which incorporates both static and dynamic components in order to examine the causation relation between exports\u27 components and economic growth. The export led growth hypothesis is supported by the finding of bi-directional causation between re-exports and real GDP, and domestic exports and real GDP. No causation relation between export of services and real GDP
The demand for imports in Japan: a review article
No full textThe aim of this paper is to review the vast existing research on import demand study as it relates to Japan, and finds that the results depend on model specification and the estimation technique. This paper also discusses the issues, which relates to the determinants of import demand for further research with reference to distinct streams of literature
The long-run relationship between nominal interest rates and inflation of the Asian development countries: a commentary
No full textThere has been widespread concern among policymakers about the relationships or inter-effects between interest rate and inflation. The empirical testing on these relations is widely applied based on Fisher hypothesis. Fisher (1930) had hypothesized that the nominal rate of interest was equal to the sum of both the real rate of interest and the expected rate of inflation, and exist a one-to-one relationship between the rate of interest and expected inflation assuming the real rate being independent of the rate of inflation. The Fisher effect, commonly referred to the movements in short term interest rates primarily reflects fluctuations in expected inflation and, as such, they have predictive ability for future inflation. The Fisher hypothesis predicts that the coefficient on the rate of inflation equals to one, and is a long-run relationshiptherefore, inflation could affect real interest rates in the short run. During the adjustment process, the real rate will change so that the nominal rate reflects both changes in real rates and inflationary expectations. In the long run, when all adjustments have occurred, the increase in inflation is fully incorporated in nominal interest rates. (Copied from article)
Current and capital account interdependence: an empirical test
No full textThe interrelation between the current and capital accounts of the balance of payments is widely
recognised in the literature, but the nature of that interdependence is not well understood. This
tudy uses two empirical specifications to test the interdependence between the current and capital accounts of the balance of payments. The alternative specifications, derived from the balance of payments constraint and from national income accounting relationships, respectively, yield consistent support for the interdependence hypothesis. The balance of payments specification returns positive findings for nine of the ten sample countries. These are corroborated by the general equilibrium specification in three instances. The relatively weak support obtained from the general equilibrium specification may be attributable to the rudimentary nature of that specification, in particular to the failure to model the lag structure of the underlying model
Carbon dioxide emissions, energy consumption, and economic growth in a transition economy: empirical evidence from Cambodia
No full textThis study examines the inter-relationship among carbon dioxide (CO2)
emissions, energy consumption, and economic growth for a Mekong River
Commission (MRC) country - Cambodia. The empirical results suggest that real
gross domestic product (GDP), energy consumption, and CO2 emissions are
cointegrated. It needs 11 years to achieve a long-run equilibrium. There is a
unidirectional causality from real GDP to energy consumption, and a
bidirectional causality between real GDP, and CO2 emissions. The CO2 emissions
are related to energy consumption through real GDP. This study is relevant and
importance for Cambodia in formulating energy policies, for example, the
revision of national energy efficiency policy
Real exchange rates and real interest differenntials: the case of a transitional economy - Cambodia
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