The paper aims to assess the real economic convergence among eight CEE countries that accessed the EU, as well as their convergence with the EU. Two aspects of convergence are analysed: (a) income convergence as a tendency to close the income gap; (b) cyclical convergence as a tendency to the...

Previous research has hypothesized the existence of a long-term equilibrium relation between stock prices and certain macroeconomic variables. The vector error correction model (VECM) (Johansen (1991)) is utilized to determine the impact of selected macroeconomic variables on Amman Stock...

An econometric exercise is run to identify outliers, seasonal adjust and extract the cycle from New Member States GDPs series. Obtained results are showed with full statistics. For the NMS aggregate direct vs. indirect approach is compared.

This article is a supplement to Kónya (2004) which investigates the possibility of the export-led growth and growth-driven export hypotheses by testing for Granger causality between the logarithms of real exports and real GDP in twenty-five OECD countries. In Kónya (2004) two complementary...

The purpose of this paper was to estimate cyclical unemployment and cyclical output in the 15 European Union member-states using a system of Phillips curve and Okun’s law equations. Treating both the NAIRU and the potential output growth rate as time varying unobserved stochastic processes, a...

This Paper aimed to re-test the hypothesis whether the improved inventory control affects the inventory investment or not. This paper used Bechter and Stanley (1992) model. The contribution of this letter has two dimensions; first, this paper extends the time horizon by using a quarterly data of...

This study aims at investigating the nature of the causal relationship between immigration and two macroeconomic indicators, GDP per capita and unemployment using Granger causality tests based on Finnish data during the period between 1981-2001. Results indicate that the null hypotheses of...

As applied development economic models become more sophisticated, they include increasingly complex conceptual variables. Due to data collection limitations, accurate proxies and continuous variables are often unavailable. A Mean and Covariance Structure model (MECOSA) is offered as a useful...

In this article we study the effect of transaction costs on asset prices. We examine the characteristics of the actual extreme performers (Outliers), their stock prices, and transactions cost and link them to firm size. The analyses is based on data from the COMPUSTAT tapes with valid data for...

This paper utilises the non-parametric frontier approach, Data Envelopment Analysis (DEA), to analyse the technical and scale efficiency of domestic incorporated Malaysian commercial banks during the merger year, pre-and post merger period. We found that Malaysian banks have exhibit a...