This study examined the impact of monetary policy on economic growth in Nigeria. The secondary data used include the Money supply, economic growth, Credit to the private sector, Interest rate and Exchange rate. The Vector Error Correction model (VECM) was adopted as the estimation technique of...

This article highlights the importance of statistical tests on the trend coefficient in cointegrating regressions when the stochastic regressors contain a deterministic linear trend. In addition to deriving asymptotic theory for t statistics constructed using integrated and modified ordinary...

Participants in the maritime industry place much interest in the Forward Freight Agreements (FFA/FFAs), being an indispensable tool for hedging shipping freight risk. Our paper innovates by directly comparing the FFA predictions with their actual future settlement prices as well as by examining...

This paper develops an international oligopoly model where foreign and domestic firms simultaneously choose their pricing strategies under the assumption of non-zero conjectural variations. The model captures the links between domestic and foreign producers’ prices and establishes a...

The present paper tests for the validity of long-run purchasing power parity (PPP) for the three key currencies of the recent floating exchange rate period, the US dollar, the German mark and the Japanese yen. The novelty of the paper is that the validity of the PPP conditions relating the...

This study explores the nexus between insurance penetration and economic development in Vietnam during the period 1996-2020. By utilising the Autoregressive Lagging Distribution Model - ARDL, we find uni-directional causality and positive impacts of insurance market development on economic...

This paper studies asymptotic theory for a nonstationary panel autoregressive model when cross-sectional dimension (n) and time dimension (T) are large. We considers the nonstationary case in the presence of both cross-sectional and time fixed effects, which is not investigated in existing...

This paper studies asymptotic theory for a nonstationary panel autoregressive model when cross-sectional dimension (n) and time dimension (T) are large. We considers the nonstationary case in the presence of both cross-sectional and time fixed effects, which is not investigated in existing...

This study investigates the asymptotic and finite-sample properties of KPSS-type cointegra-tion tests that use residuals from integrated and modified ordinary least squares estimations.The test statistic, denoted by KPSS^Fb is shown to provide a consistent test against the al-ternative of no...

Many macroeconomic variables undergo business cycle episodes (fluctuations), which makes the variables change dramatically. Hence, the causality between these variables could be hidden by the presence of structural breaks, regime change, reforms, or crises in general. Therefore, fitting a linear...