The literature on growth in economics encompasses two main facets of thinking: the applicability of diminishing productivity of capital, as has been in the neoclassical growth model with exogenous technological progress, and the applicability of non-diminishing productivity of capital, as has...

In this study, we present a comprehensive analysis to examine the resilience of tourism in Vietnam since the Doi Moi period. Using an augmented Solow framework, data from 1986 to 2020, and the ARDL approach, we estimate the long-run and short-run effects, whilst accounting for model-specific...

I use Bayesian VARs with stochastic volatility to forecast global temperatures and sea level and ice cover in the Northerin emisphere until 2010, by exploiting (i) their long-run equilibrium relationship with climate change drivers (CCDs) and (ii) the relationship between world GDP and...

The relationship between macroeconomic factors and stock market liquidity is known but not the same can be said of macroeconomic factors and VC market liquidity. This study investigates whether there is a cointegration between macroeconomic factors and VC market liquidity and examines how...

A central assumption for identifying structural shocks in vector autoregressive (VAR) models via heteroskedasticity is the time-invariance of the impact effects of the shocks. It is shown how that assumption can be tested when longrun restrictions are available for identifying structural shocks....

This study aims to uncover interdependencies between two distinctive but increasingly influential dimensions in contemporary finance, namely, Environmental, Social, and Governance (ESG) and Sharia guidelines. We examine the long-term association between ESG and Sharia indices, along with ESG and...

The research work presented below addresses the possible concern of central bank independence through the development and application of econometric models. The complexity of the modelling has allowed a step further in corroborating that financial independence is not only linked to the...

Objective: The objective of the article is to explore the impact of the new technology adoption on the performance of small and medium-sized enterprises (SMEs) at the country level. Research Design & Methods: The authors modelled the effect of technology adoption (TA) on SMEs' market and...

This paper attempts to study to what extent Tunisian industrial exports have been resilient during the COVID-19 pandemic. For this purpose, we tested for structural breaks using the Bai-Perron test and monthly data on industrial exports from January 2014 to December 2022. Using the...

This research explores the long-term equilibrium relationship between unemployment and labour force participation rates for six selected countries in Latin America at both aggregate and gender-disaggregated levels. Cointegration analysis focused on the study of time series is used to validate...

Sustained efforts and investments in different sectors are essential for the overall development of a region. Various studies around the globe underscore the importance of investment in road transport infrastructure in many developing countries to achieve their development targets. The...

The existence of long-run profitability differentials in market economies is a fundamental question that all traditions of economic thought since the times of the classical economists have dealt with in some form or another. In consideration of the modern synthesis of the classical views on...

Evidence of the asymmetric wealth effect has important implications for investors and continues to merit research attention, not least because much of the evidence based on linear models has been refuted. Indeed, stock and house prices are influenced by economic activity and react non-linearly...

The current study investigates the impact of foreign direct investment on the growth of Namibia's economy from 1990 to 2020 using the ARDL cointegration method. The results reveal that FDI, the interactive variable of FDI and trade openness, and other macroeconomic variables such as domestic...

The stable money demand function is a crucial policy tool of the monetary policy of any central bank, which links the monetary sector of an economy to its real sector. Notably, after the global financial crisis of 2007-08, the role of money has come to be envisaged as an essential issue while...

This study examines the impact of exports, imports, and trade openness on Namibia's economic growth using the ARDL cointegration method. The results reveal a significant negative relationship between imports and economic growth, while exports and trade openness show positive and significant...

The aim of the article is to try to explain the long-term price volatility of KGHM shares. Therefore the paper presents the relationship between KGHM stock prices and High Grade copper prices. The empirical part of the paper uses econometric cointegration analysis. Based on the estimated models,...

Charcoal is a dominant energy source in urban areas of Uganda, and increases in retail prices in the past have led to social unrest. This paper assesses the relationship between charcoal and fuel prices to determine whether fuel prices influence the retail price of charcoal. We specify a...

The paper focuses on investigating the correlation and volatility of fuel markets in four countries of the Visegrad region, namely Hungary, the Czech Republic, Poland, and Slovakia. The primary objective of the paper is to explore regional fuel markets and retail prices in these countries by...

This paper investigates the impact of mining foreign direct investment on economic growth in Ghana using quarterly time series data from 1996-2015. The study employs the Autoregressive Distributed Lag bounds testing approach to cointegration and the error correction model to investigate the...

The relationship between financial development and economic growth has been widely debated in the economics literature, but the results have been inconsistent and vary between the short and long run. In this study, we investigate the causal relationship between financial development and economic...

Despite the generally swift economic growth in the Arab Gulf countries, they still face a national problem with the unemployment of nationals. Given the relatively large inflow of foreign labor across these countries, it is essential to study the association between foreign labor and economic...

We study convergence and club formation of housing prices in European countries using several measures of housing prices. We employ correlations, innovative trend and gap approaches, and cointegration analysis to study the long-term development of housing prices and their reactions to crises. We...

The size of the informal economy in Poland is estimated by means of the Currency Demand Approach (CDA). Using quarterly data for the period 1999–2019, we adopt two separate econometric approaches. First, we specify a single equation model to estimate it with the Fully-Modified OLS method....

The service sector in Uganda emerged prematurely as the leading driver of economic growth. This was before the country fully industrialised as described under the dual economic development model. Despite the enormous contribution of the service sector to economic growth in Uganda, an empirical...

The objective of this paper is to find out whether there is a long-term relationship or in other words cointegration, between the prices of oil futures and the following factors: the consumer price index (CPI), the exchange rate of the USD to the EUR, the prices of gold, and the price of...

I use Bayesian VARs to forecast global temperatures anomalies until the end of the XXI century by exploiting their cointegration with the Joint Radiative Forcing (JRF) of the drivers of climate change. Under a ‘no change’ scenario, the most favorable median forecast predicts the land...

This paper investigates two stages of transmission through which inflation stabilization policy affects headline inflation by estimating a threshold cointegration model. The paper finds that asymmetric monetary shocks passing-through food prices exerts inflationary pressure on consumer prices,...

We analyze the impact of negative reference rates on the interest behavior of more than 500 Austrian banks from 2009Q1 to 2021Q4. Using panel vector error correction analysis with the Engle-Granger procedure in two steps, we establish a cointegration vector that links bank-specific lending...