The purpose of this paper is to find the relationship between balance of foreign trade and real exchange rate in econometrics concept by using time series method. The authors used annual data of foreign trade deficit,...The purpose of this paper is to find the relationship between balance of foreign trade and real exchange rate in econometrics concept by using time series method. The authors used annual data of foreign trade deficit, real exchange rate, gross domestic product （GDP） of Turkey from 1989 to 2014, and analyzed the long-term relation of them by using ARDL bound testing method. By the result of test method; although there was a long-term relationship between balance of foreign trade, real exchange rate, GDP of Turkey and of the world, the coefficient of real exchange rate was insignificant in terms of statistical methods. Turkey and the world as well as being statistically significant coefficient of GDP, it was concluded that there was significant relationship with the economic aspects.展开更多
Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empiri...Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empirically searches for the identification of these variations for CEECs, namely Czech Republic, Hungary, Poland, Slovak Republic and also Turkey for the period of December, 1999 to December, 2009. The empirical analyses demonstrate that for each CEEC, stock exchange market responds positively to industrial production and to appreciation of local currency. Czech Republic and Hungary display negative and the rest display positive response to M1, whereas the response of stock market to CB policy rate shows mixed results for each country. Besides, foreign exchange market returns are found to be the variable with the highest significance in explaining the stock exchange market returns. These findings point out to arbitrage opportunities for investors and give insight to Monetary Policy Authorities about the Monetary Transmission Mechanisms of the countries.展开更多
The study scrutinized correlation between electricity production,trade,economic growth,industrialization and carbon dioxide emissions in Ghana.Our study disaggregated trade into export and import to spell out distinct...The study scrutinized correlation between electricity production,trade,economic growth,industrialization and carbon dioxide emissions in Ghana.Our study disaggregated trade into export and import to spell out distinctive and individual variable contribution to emissions in Ghana.In an attempt to investigate,the study used time-series data set of World Development Indicators from 1971 to 2014.By means of Autoregressive Distributed Lag(ARDL)cointegrating technique,study established that variables are co-integrated and have long-run equilibrium relationship.Results of long-term effect of explanatory variables on carbon dioxide emissions indicated that 1%each increase of economic growth and industrialization,will cause an increase of emissions by 16.9%and 79%individually whiles each increase of 1%of electricity production,trade exports,trade imports,will cause a decrease in carbon dioxide emissions by 80.3%,27.7%and 4.1%correspondingly.In the pursuit of carbon emissions’mitigation and achievement of Sustainable Development Goal(SDG)13,Ghana need to increase electricity production and trade exports.展开更多
In this study, we use the ARDL bounds testing procedure suggested by Pesaran （2001） and modified version of the Granger causality test proposed by Toda and Yamamoto （1995） to test the robustness of the causality e...In this study, we use the ARDL bounds testing procedure suggested by Pesaran （2001） and modified version of the Granger causality test proposed by Toda and Yamamoto （1995） to test the robustness of the causality effect between military expenditure and economic growth in 4 Asian countries, two industrial countries （South Korea and Malaysia）, and others are developing countries （Iran and Saudi Arabia）, from 1988 to 2006 years, data series obtained from word development indicator （WDI）. With respect to that military expenditure can affect economic growth so increase in GDP can increase or decrease military expenditure, too. We investigate the causality relationship between military expenditure and economic growth because the purpose of military expenditures is to provide national security. The results show that Iran and Saudi Arabia don＇t have any causality relationship between military expenditure and economic growth. The results of South Korea show a unidirectional relationship from LGDP （Logarithm of real GDP） and LGDPK （logarithm of real GDP per capita） to military expenditure, and in Malaysia there is unidirectional relationship from LGDPK to military expenditure. The comparison of these results, we can say that developing countries don＇t have meaningful relationship between military expenditure and economic growth, but we can find unidirectional or bidirectional relationship between military expenditure and economic growth in industrial countries.展开更多
文摘The purpose of this paper is to find the relationship between balance of foreign trade and real exchange rate in econometrics concept by using time series method. The authors used annual data of foreign trade deficit, real exchange rate, gross domestic product （GDP） of Turkey from 1989 to 2014, and analyzed the long-term relation of them by using ARDL bound testing method. By the result of test method; although there was a long-term relationship between balance of foreign trade, real exchange rate, GDP of Turkey and of the world, the coefficient of real exchange rate was insignificant in terms of statistical methods. Turkey and the world as well as being statistically significant coefficient of GDP, it was concluded that there was significant relationship with the economic aspects.
文摘Stock exchange market responses to macroeconomic fluctuations show deviations between countries in terms of direction, magnitude and duration due to the idiosyncratic characteristics of the countries. The paper empirically searches for the identification of these variations for CEECs, namely Czech Republic, Hungary, Poland, Slovak Republic and also Turkey for the period of December, 1999 to December, 2009. The empirical analyses demonstrate that for each CEEC, stock exchange market responds positively to industrial production and to appreciation of local currency. Czech Republic and Hungary display negative and the rest display positive response to M1, whereas the response of stock market to CB policy rate shows mixed results for each country. Besides, foreign exchange market returns are found to be the variable with the highest significance in explaining the stock exchange market returns. These findings point out to arbitrage opportunities for investors and give insight to Monetary Policy Authorities about the Monetary Transmission Mechanisms of the countries.
文摘The study scrutinized correlation between electricity production,trade,economic growth,industrialization and carbon dioxide emissions in Ghana.Our study disaggregated trade into export and import to spell out distinctive and individual variable contribution to emissions in Ghana.In an attempt to investigate,the study used time-series data set of World Development Indicators from 1971 to 2014.By means of Autoregressive Distributed Lag(ARDL)cointegrating technique,study established that variables are co-integrated and have long-run equilibrium relationship.Results of long-term effect of explanatory variables on carbon dioxide emissions indicated that 1%each increase of economic growth and industrialization,will cause an increase of emissions by 16.9%and 79%individually whiles each increase of 1%of electricity production,trade exports,trade imports,will cause a decrease in carbon dioxide emissions by 80.3%,27.7%and 4.1%correspondingly.In the pursuit of carbon emissions’mitigation and achievement of Sustainable Development Goal(SDG)13,Ghana need to increase electricity production and trade exports.
文摘In this study, we use the ARDL bounds testing procedure suggested by Pesaran （2001） and modified version of the Granger causality test proposed by Toda and Yamamoto （1995） to test the robustness of the causality effect between military expenditure and economic growth in 4 Asian countries, two industrial countries （South Korea and Malaysia）, and others are developing countries （Iran and Saudi Arabia）, from 1988 to 2006 years, data series obtained from word development indicator （WDI）. With respect to that military expenditure can affect economic growth so increase in GDP can increase or decrease military expenditure, too. We investigate the causality relationship between military expenditure and economic growth because the purpose of military expenditures is to provide national security. The results show that Iran and Saudi Arabia don＇t have any causality relationship between military expenditure and economic growth. The results of South Korea show a unidirectional relationship from LGDP （Logarithm of real GDP） and LGDPK （logarithm of real GDP per capita） to military expenditure, and in Malaysia there is unidirectional relationship from LGDPK to military expenditure. The comparison of these results, we can say that developing countries don＇t have meaningful relationship between military expenditure and economic growth, but we can find unidirectional or bidirectional relationship between military expenditure and economic growth in industrial countries.
