We propose a new methodology for ranking in probability the commonly proposed drivers of inflation in the New Keynesian model. The approach is based on Bayesian model selection among restricted VAR models, each of which embodies only one or none of the candidate variables as the driver....

Hamilton identifies 1973 to 1996 as “the age of OPEC” and 1997 to the present as “a new industrial age.” During 1974-1996 growth in non-OPEC oil production Granger causes growth in OPEC oil production. OPEC oil production decreases significantly with positive shocks to non-OPEC oil...

Liquid assets which nonprofit institutions holds are not a source of any special interests and although the close to cash assesses together with credit lines available for nonprofit institution are connected with resigning from realization of the part of incomes or costs, nonprofit institutions...

The major objective of this paper is to empirically investigate the relationship between domestic credit and economic growth in Nigeria, using annual time series data from 1970 to 2012. In order to do this, the study employs KPSS unit root test, Johansen cointegration test, VAR modeling, impulse...

This paper introduces the concept of risk parameter in conditional volatility models of the form $\epsilon_t=\sigma_t(\theta_0)\eta_t$ and develops statistical procedures to estimate this parameter. For a given risk measure $r$, the risk parameter is expressed as a function of the volatility...

Alternative telecom operators have continuously invested in their own infrastructure in recent years. After more than a decade since liberalisation, competitive conditions have substantially changed, especially in urban areas. European regulatory authorities have acknowledged this development by...

The use of financial services and products that comply with the Shariah principles cause special issues for supervision and risk management. Efficient risk management in Islamic banking has assumed particular importance as they try to cope with the challenges of globalization. This paper...

Economic relations between Bulgaria and Russia in modern history are influenced by many factors, among which the most significant are the social, economic and political environment in boh countries, but also in Europe and the global world. In this context the legal basis of the relations plays a...

Using the BEEPS dataset from Enterprise Surveys, I study the effect of financial leverage (percentage of assets funded by bank loans) of firms on their decision to participate in various trading activities, such as exporting, importing and two way trading (firms that export and import). I...

The present paper updates the question: the study revolves to analyze the exchange rates of CNY with its major trading partners including USD, JPY, EUR, and GBP. It was assumed that CNY have a major relation with USD and in order to find out such impact, a set of observations of 2060 have been...