This paper proposes a structural approach to investigate the relationship between the terms of trade and private savings in Japan and the US. A small open economy model is developed in which an infinitely-living representative agent consumes both tradable and non-tradable goods and a stochastic...

Booth and Ciner (2001) find that the prices of commodity futures traded on the Tokyo Grain Exchange (TGE) do not move together in the long run. This study analyses whether their empirical results remain true for a more recent period. The empirical results suggest that the cointegrating relation...

The present study analysed Japan's stock market by modelling habit formation and durable effects in consumption, based on data from income quintile groups. The sample period for the empirical research was January 1971 through December 1993. Results of this analysis revealed that durable effects...

This article aims to examine the market efficiency of the commodity futures market in India, which has been growing phenomenally over the last few years. We estimate the long-run equilibrium relationship between multi-commodity futures and spot prices and then test for weak-form market...

This article investigates the sustainability of trade balances in the sub-Saharan African regions, using both the panel unit root (Im--Pesaran--Shin (IPS)) test proposed by Im <italic>et al.</italic> (2003) and the cross-sectionally augmented version of the IPS (Pesaran Cross-sectional IPS (CIPS)) test suggested...

This article empirically analyses the international term structure of interest rates in the Euro area over the period from 1999 to 2006. To address the small sample problem, we apply the nonstationary panel data analysis to two data sets: (1) seven countries (Belgium, Finland, France, Germany,...

This paper focuses on the international business cycle repercussions between Japan and the United States based on the vector error correction model. The results of the analysis are as follows: first, the effect of economic fluctuations between Japan and the United States is asymmetric; whereas...

This paper empirically analyses the stability of the money demand function in Germany. Important results may be summarized as follows. There was a stable relationship between money supply and real economic activity, and the money demand function was stable prior to German re-unification. The...

This research empirically analysed the relations between the difference in consumer's preference and the consumption growth rate in Japan. As a result, the close relationship between the two is revealed. This study has clarified the fact that as the income bracket becomes higher, the value of...

The reported study analysed interdependence among stock prices in G7 countries using the LA-VAR method. Monthly data for the period from December 1969 to May 1995 were used and stock prices were analysed not only in local currencies but also in US dollars. The study revealed that the causal...