, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved … terms of trade are found to have more appreciated real exchange rates, with the main channel of transmission working through … the relative price of nontraded goods. Exogenous terms of trade shocks are found to be the most important determinant of …

This paper applies the recently developed maximum-likelihood-panel cointegration method of Larsson and Lyhagen (2007 … error terms. The findings using this new method are contrasted to those from the Pedroni (1995) cointegration tests and …

Various inflation forecasting models are compared using a simulated out-of-sample forecasting framework. We focus on … the question of whether monetary aggregates are useful for forecasting inflation, but unlike previous work we examine a … are also reported on. The first shows that cointegration vector parameter estimation error is crucial when using VEC …

The extent to which the stock market provides a hedge to investors against inflation is examined for African stock … markets. By employing parametric and nonparametric cointegration procedures, we show that the point estimates of the …

third country into our analysis, the United Kingdom, and tax evasion seems to be more severe in trade flows between Kenya … and Tanzania compared to trade flows between the United Kingdom and Kenya/Tanzania. Finally we also find that the tax …In this paper we estimate the amount of tax evasion in customs authorities in both Kenya and Tanzania by calculating …