This paper uses the panel data of 15 countries from 2009 to 2020 to construct the time-varying parameter panel vector error correction model for testing the hypothesis of dynamic hedging characteristics of gold on exchange rate. As the existing literature has never considered that the foreign...

Using the Solow-Swan growth model and the time-trend included in the aggregate production function, this study applies the multivariate cointegration approach to re-investigate the long-run and causal relationships between defence expenditures and GDP while controlling for capital and labour...

This study examines the non-linear cointegration relationship between real output and KOF indices of globalization (overall index and three main sub-indices) by employing the advanced quantile method. Based on using the annual data of G7 countries, our empirical results provide strong evidence...