This article examines the relationship between Population Growth (PG) and Economic Growth (EG) in the framework of simultaneous structural equation models. Based on Lewbel (2012), the structural parameters can be estimated using the Generalized Method of Moments (GMM). Identification requires a...

This article investigates the duration-dependent feature of five Pacific Rim economies. The duration-dependent Markov Switching model is employed to achieve this objective. The Savage-Dickey density ratio is also computed in support of the duration-dependent Markov switching model. The possible...

This article explores which of two hypotheses, market segmentation or investor sentiment, determines the behaviour of Closed-End Country Funds (CECFs) with the inclusion of risk factors. The risk factors are proxied volatility, as estimated with a Bivariate Markov-switching Autoregressive...

This article examines the applicability of the hypothesis of market efficiency in Taiwan's foreign exchange market using daily data. Instead of linear regression-based models, we consider the possibility that the true data generating process may come from two different distributions, and we...