The findings from this study provide robust empirical evidence supporting the validity of the long-run PPP, suggesting that ASEAN-5 exchange rate adjustment is mean reversion towards PPP equilibrium values in a non-linear way

Taking a very important role in modern production and management, information technology (IT) becomes a major drive for economic growth to speed up the global economy integration since the 1990s. Due to the leading position of the IT industry of the United States, its IT stock market is thus...

This study examines whether the nonlinear adjustment dynamic of exchange rate to the equilibrium level as documented in Liew et al. (2003, 2004) is symmetrical or asymmetrical. Following the sequential tests as proposed in Terauml;svirta and Anderson (1993), this study is able to identify that...

The finding, from Breitung's (2001) nonparametric rank tests, that Asian exchange rates are nonlinearly cointegrated with their relevant fundamentals as suggested by Purchasing Power Parity (PPP) reinforces previous validations of PPP by the parametric testing procedures

The unstable money demand function over the recent decades may explain the unsatisfactory performance of the exchange rate model. Numerous studies have shown that Divisia money serves as a better variable for a stable money demand function. In this study, Divisia money is used as an alternative...

This book discusses and identifies the modernizing trends, which have changed Southeast Asian countries in varying ways. After an overview of current concepts of modernity, the following chapters introduce issues of education, citizenship and ethnicity, religion, the emergence of the middle...

This paper presents the empirical evidence on the long-run neutrality (LRN) of money in the stock market in Malaysia using seasonal adjusted monthly data from 1978:1 to 1999:12 based on the bivariate ARIMA framework developed by Fisher and Seater (1993). Besides the main stock index, the...