This paper employs both linear and non-linear models to investigate the relationship between national defense spending and economic growth for Taiwan and China. Using data from 1953-2000 on defense spending, GDP, import, export and capital, we find that China's defense spending leads that of...

Recent estimates of the income elasticity of cigarette demand have pointed to a disturbing result: a nearly zero or sometimes negative income elasticity. In order to explore the nonlinearity embedded in the cigarette demand structure, we employ a four-regime panel model (dynamic fixed effect) to...

This paper presents an analysis of the empirical relationship between stock returns, industrial production, money supply, inflation and interest rates across five countries-Canada, France, Japan, Taiwan and the USA. Specifically, we estimate a five-variable vector autoregression model in order...

Volatility changes before and after a major event cannot be effectively modelled without considering the impact of other events during the sample period. This paper reexamines the impact of settlement time changes on the volatility change in the Shanghai and Shenzhen Stock Exchange by Li et al....

There has been considerable disparity in pricing practices across electricity markets in the United States over the past two decades. The greatest contrast in environment which produces different pricing strategies exists between the Midwest and the East. Electric utilities have used promotional...

This paper studies the transmission mechanism of G-5 exchange rate changes within each market and across the three major markets: London, New York and Tokyo. It is found that the volatility in both the London and New York markets leads that of Tokyo. In addition, the New York market slightly...