The hypothesis that London gold prices follow a random walk is tested for three prices, those determined at the morning and afternoon fixings and the closing price, using the multiple variance ratio test. For the prices set in the twice-daily fixings, the random walk hypothesis is rejected...

Rapid population ageing is becoming an increasingly important policy issue in many developing countries. Without broad-based pension schemes, the elderly are left to rely on their own current and accumulated earnings and support from children as their primary means of old-age support. This is...

This paper examines the factors that determine the preference of the unemployed between the employment states of part-time, full-time, and either kind of job. Evidence is sought in support of an ordering between the three choices and find that the ordering which places the 'either' category in...

This paper studies the performance of the GARCH model and two of its non-linear modifications to forecast China's weekly stock market volatility. The models are the Quadratic GARCH and the Glosten, Jagannathan and Runkle models which have been proposed to describe the often observed negative...

An econometric technique is developed to decompose the difference in the predicted migration probability of married and unmarried individuals into three parts. This technique allows one to examine the degree to which personal characteristics influence differences in migration between the two...

In this note two competing hypotheses are empirically tested, namely those of the demand-following and supply-leading, using multivariate VAR models for Mainland China over the period 1987Q1 to 1999Q4. Johansen cointegration results indicate that there exists one cointegrating vector among GDP,...

While existing literature assumes that financial institutions penalize entrepreneurs because of this group's perceived higher income risk, this paper contends the opposite, owing to, for example, potentially profitable customer relationships that financial institutions might have with...

The paper suggests a different model for estimating a discrete/continuous choice framework using Gibbs sampling. The basic idea of using Gibbs sampling for the multinomial probit model is extended to the case of a discrete/continuous framework. To check the applicability of this method, it was...

This paper investigates the money demand behaviour when the entire term structure of interest rates is taken into account. The results show that the interest elasticity of money demand does not vary with the level of the term structure of interest rates. It is also found that the quantity of...

The paper provides an empirical examination of the determinants of support for Permanent Normal Trade Relations Status (PNTR) for China in the United States Congress. A logistic regression model and control is estimated for both economic and political influences. It is found that business...