Leeper (1991), Sims (1994) and Woodford (2001) point out that price level is not independently determined by monetary policy rather it is the result of inter dependence of fiscal and monetary policies. This article aims to test the fiscal theory of price level for Pakistan using an...

Using monthly data on foreign exchange reserves from June 1995 through June 2005, we find that in line with other country-specific studies the opportunity cost of holding reserves played a greater role than reserve volatility in determining the level of reserves in Pakistan. Our finding is in...

This article uses the panel methods for energy exporting and importing countries that discuss the heterogeneity and cross sectional dependence in investigating the linkages between energy consumption and economic growth. The findings of the study suggest that the energy consumption is an...

This paper provides empirical evidence of an environmental Kuznets curve (EKC) hypothesis for Portugal by applying autoregressive distributed lag bounds testing approach from 1971 to 2008. In order to capture Portugal’s historical experience, demographic changes and international trade on...

In the last two decades there has been a worldwide interest in decentralization of government in all parts of the world. There are two main objectives that we tried to achieve through this study. Firstly, we tried to examine empirically the effects of decentralization on macroeconomic stability....

This article re-examines the finance-growth nexus in China using principal components analysis and ARDL bounds testing approach to cointegration. The results suggest that principal components have an effective role in examining the links between growth and financial development and, that...

The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China's financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an...

This article tests the relationship between openness and income inequality in openness Kuznets curve framework. The Auto Regressive Distributed Lag (ARDL) estimator is employed to establish the long run relationship between openness and income inequality. We add to the literature by noting that...

This paper is an attempt to revisit the pioneering work of Riazuddin and Khan (2002). A complete business cycle has been elapsed (2002-2010) since their study, so there is need to review the results with additional information. This revisited attempt, based on a theoretically specified...

This article aims to investigate the impact of financial development, economic growth and energy consumption on environmental pollution in China from 1953 to 2006 using the Autoregressive Distributed Lag (ARDL) bounds testing procedure. The main objective is to examine the long run equilibrium...