1,720,994 research outputs found
Real exchange rate behaviour: evidence from black markets
No full textThe behaviour of real exchange rates (relative to the US dollar) is examined using monthly data obtained from the black markets for foreign exchange of eight Asian developing countries. The data span is 31 years. The black market real exchange rates do not show excess volatility during the recent float which is in sharp contrast to the results reported elsewhere. Unit root tests in heterogeneous panels and variance ratio tests confirm their stationarity. Thus, we find support for PPP but not for the 'survivorship' bias (Froot and Rogoff, 1995). There is little evidence of segmented trends. Issues raised by Rogoff (1996)-of whether PPP would hold across countries with differing growth experience-and Lothian and Taylor (1996)-of whether the degree of relative price volatility may bias results in favour of mean reverting real exchange rates-are addressed. Copyright © 2000 John Wiley & Sons, Ltd.Journal: Journal of Applied Econometrics
A quantitative reassessment of the finance–growth nexus: evidence from a multivariate VAR
No full textHeterogeneous ideas production and endogenous growth: an empirical investigation
No full textWe examine the dynamics of ideas production and knowledge-productivity relationship in a panel of 19 OECD countries. A new data set of triadic patents is used. We rigorously address the issues of cross-country heterogeneity and endogeneity. Domestic and foreign ideas stocks exert positive but heterogeneous effects on ideas production. We find evidence of duplicate R&D but little support for endogenous growth. Countries with low domestic ideas bases could considerably improve productivity through ideas accumulation; however, this effect is modest for countries with sizeable ideas bases. An implication is that country-specific R&D policy appears potentially more effective than the one-size-fits-all approach.
Sources of Knowledge and Productivity: How Robust is the Relationship?
No full textWe estimate domestic productivity relationships for a sample of 16 OECD countries through probably the most general specification yet. We identify ten key determinants of productivity - all derived from different theoretical models. Our specification may address the potential problem of omitted variables. The issues of cross-country heterogeneity and endogeneity are addressed. The sources of knowledge appear robust in driving productivity; however, other determinants postulated by different theoretical models are also significant. The productivity relationships are heterogeneous across OECD countries implying that country-specific factors may play an important role in domestic productivity policy. Quelle est la robustesse de la relation entre sources de connaissances et productivité ? Nous estimons des relations concernant la productivité intérieure pour un échantillon de 16 pays de l'OCDE, en utilisant une spécification qui est probablement la plus générale ayant été employée jusqu'ici. Nous identifions dix déterminants essentiels de la productivité, tous obtenus à partir de modèles théoriques différents. Notre spécification peut permettre de remédier au problème potentiel soulevé par l'omission de certaines variables. Les problèmes d'hétérogénéité entre pays et d'endogénéité sont également traités. La relation de détermination existant entre les sources de connaissances et la productivité semble robuste, mais d'autres déterminants retenus par différents modèles théoriques jouent également un rôle significatif. Les relations concernant la productivité sont hétérogènes entre les pays de l'OCDE, ce qui tend à indiquer que des facteurs nationaux spécifiques peuvent jouer un rôle important dans la politique relative à la productivité intérieure.dynamic heterogeneity, methods of moments, sources of knowledge, productivité multifactorielle, hétérogénéité dynamique, méthodes de moments
An Empirical Contribution to Knowledge Production and Economic Growth
No full textWe examine the dynamics of knowledge production for a panel of 19 OECD countries. A new and unique data set is used to proxy the domestic flows of “new-to-the-world” knowledge and ideas. We rigorously address the cross-country heterogeneity in the production of knowledge and the endogeneous nature of this process. The parameters of the knowledge production function point to large cross-country differences. Domestic and foreign stocks of knowledge and ideas have a net positive effect on the production (flows) of new ideas. Countries with a low domestic knowledge base appear to improve their TFP considerably through the accumulation of knowledge. This effect is very modest for countries that already have a sizeable domestic knowledge base. We find ample evidence of duplicate R&D but no support for endogenous growth. Given the heterogeneous nature of knowledge production across OECD countries, R&D policy will need to be adapted to the specific nature of each country; a one-size-fits-all approach will not be effective. Production de connaissances et croissance économique : Une contribution empririque Cet article examine la dynamique de la production de connaissances dans un échantillon de 19 pays de l’OCDE, au moyen d’un ensemble nouveau et original de données servant à représenter les flux intérieurs de connaissances et données « nouvelles pour le monde entier ». L’hétérogénéité entre pays de la production de connaissances et le caractère endogène du processus sont examinés à la loupe. Les paramètres de la fonction de production de connaissances font ressortir de grandes différences entre les pays. Les stocks intérieurs et étrangers de connaissances et d’idées ont un effet positif net sur la production (les flux) de nouvelles idées. Les pays dotés d’une base de connaissances nationale modeste semblent améliorer considérablement leur PTF par l’accumulation de connaissances. Cet effet est très limité pour les pays qui disposent déjà d’une base de connaissances nationale d’une certaine importance. Les auteurs observent de nombreux éléments montrant une duplication de la R-D, mais aucun signe de croissance endogène. Etant donné le caractère hétérogène de la production de connaissances parmi les pays de l’OCDE, la politique de R-D devra être adaptée aux spécificités de chaque pays ; Il n’existe de formule unique applicable à tous.dynamic heterogeneity, methods of moments, knowledge stocks
Heterogeneous Panel Unit Root Tests and Purchasing Power Parity
No full textDoubts have been raised recently on the findings of panel studies of purchasing power parity (PPP) on the grounds that they ignore serial correlation and cross-sectional dependence, and consequently suffer from severe size biases and loss of power. We implement an alternative panel unit root test that controls for serial correlation and cross-sectional dependence as well as the heterogeneity of dynamics and error variances across groups, and find strong support for PPP. Our findings are consistent with other recent studies on the subject
Exogeneity of Money and its Policy Implications for Price Control: Evidence from South Asia
No full textWe investigate the policy role that could be assigned to money stock in controlling the price level in four South Asian countries, namely, India, Nepal, Pakistan and Sri Lanka. The problem of policy assignment associated with the Granger non-causality tests is pointed out. Various forms of exogeneity are tested. Money stocks (M1 and M2), consumer price index (CPI) and real GDP are cointegrated and causally related but we find overwhelming evidence of endogeneity of money. The endogeneity of money does not support the authorities’ policy stance of controlling price level through the control of money stock
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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