This paper empirically investigates and identifies the main contributing factors to output and productivity growth in Australia for the period 1950-2005. Cointegration and a vector error-correction model are used along with Granger causality tests, impulse response functions and forecast error...

This paper investigates the impact of political shocks (positive and negative) on financial markets. Using data from Pakistan for the period January 1999 to September 2006, we link ‘a’ political event to the financial market volatility. We use high frequency data from three indicators...

Recent trends of globalization and financial market internationalization have exposed the vulnerability of many emerging financial markets to external shocks and spillover effects from regional crisis. It is believed that similar spillover effects were the root cause of the 1997 financial crisis...

This study attempts to investigate the financial market contagion in a global perspective. We use a large sample of 26 countries representing different regions in the world and focus on the spillover effects of the 1998 Russian crisis. We use daily observations on three financial market...

This study investigates the effectiveness of monetary and fiscal policies in the US by employing cointegration and a quatrovariate Vector Error Correction Model together with Granger causality tests. Two models are estimated: (i) nominal national income, the ten-year government bond yield, and...

There is a growing debate in the emerging market on the choice of an appropriate monetary or exchange rate policy that could lead to a sustainable economic growth. Inflation targeting has become one of these policy alternatives and has recently been implemented in some of the emerging markets in...

The goal of this study is to investigate the price relationship of EU biofuel market with other main markets inboth horizontal level and vertical level. We first carry out Granger causality between ethanol price of EU,USA and Brazil. Secondly, we use vecto error cointegration Mechnism (VECM) to...

In the present paper we concentrate on the interaction and sharing of the information between the organized markets in the Czech Republic. Moreover, the interesting principal-agent problem between the Prague Stock Exchange (PSE) and RMS (over the counter system) is studied to identify the...

Recently, the National Academy of Sciences concluded “it is clear thatpopulation and the environment are usually interrelated . . . ”. This paper directlytests the expected interrelationship using annual county-level population estimatesprovided by the U.S. Census Bureau and annual counts of...

This paper empirically examines the impact of oil price levels and volatility on key macroeconomic indicators of Indonesia. In particular, two measures of volatility – historical volatility and realized volatility – are utilized and compared for their different macroeconomic impacts. The...