This paper measures the accuracy of using regional cycles to identify national business cycle turning points in the U.S. with the Markov Switching Panel (MSP) model. Based on the MSP model, it is determined that regional cycles are highly capable of identifying national business cycle turning...

This paper investigates the long-run neutrality of money using quarterly data of South Korea and Taiwan and the methodology of King and Watson (1997) particular attention is given to the integration and cointegration properties of the variables. Empirical evidence provides considerable support...

This paper measures the accuracy of using regional cycles to identify national business cycle turning points in the U.S. with the Markov Switching Panel (MSP) model. Based on the MSP model, it is determined that regional cycles are highly capable of identifying national business cycle turning...

Using data for 541 Taiwanese listed companies over the 1994-2009 period, this paper examines the effect of unexpected exchange rate exposure on the value of the enterprise and the determinants of exchange rate exposure in Taiwan. The empirical evidence shows that about 25% of listed companies...

This paper examines fiscal sustainability in fifteen European countries. Motivated by the statistical power of the advances in panel unit root tests, we apply these new tools to test whether or not the fiscal imbalance is sustainable in the long run. We also employ the exponential smoothing...

Using 11 OECD countries data, this study employs a Markov Switching unit root regression to investigate the issue of the non-stationarity and non-linearity of stock prices. The results convincingly support the view that the stock prices in the OECD countries are characterized by a two-regime...

We assess the validity of the Export-led Growth (ELG) and the Growth-driven Export (GDE) hypotheses in Taiwan by testing for Granger causality using the vector error correction model (VECM) and the bounds testing methodology developed by Pesaran {\it et al.} (PSS, 2001). The empirical results...

This paper examines the short-run and long-run neutrality of money using methodology suggested by King and Watson (1997) on quarterly data from South Korea and Taiwan (King and Watson (1997), Testing Long-Run Neutrality, Federal Reserve Bank of Richmond Economic Quarterly, 83(3), 69-103). A body...

This paper investigates the price-volume relationships of Taiwan's stock and foreign exchange markets. We first adopt the traditional linear Granger causality test to achieve this goal. In addition, the nonlinearity feature is also taken into account. We employ the nonlinear Granger causality...

This paper explores the linear and non-linear causal relationship between stock price and trading volume in China. The empirical results substantiate that there is a long-run level equilibrium relationship between the stock price and trading volume in China. The results from the linear causality...