The purpose of this paper is to test the (rational) expectations hypothesis of the term structure of interest rates using Portuguese data for the interbank money market. The results obtained support only a very weak, long-run or "asymptotic" version of the hypothesis, and broadly agree with...

In this paper the issue of causality between wages and prices in R.Macedonia has been tested. OLS relationship between prices and wages is positive; productivity is not significant in determination of prices or wages too. Engle-Granger test proved that variables of interest CPI and average real...

This paper focuses on the impact of China’s export expansion on Malaysian monthly trading with to her 12 major trading partners over the liberalization era. Structural break(s) found mostly coincides with the Asia financial crisis and China’s accession into WTO and, regime shifts are evident...

In the literature, there has been an acquiescence that the greater the dependence on oil and mineral resources, the worse the growth performance of an economy. With time series data of Oil Revenue (proxy for petroleum industry), Non-oil Revenue, Investment and GDP per capital from 1970-2012, the...

This paper examined the role of export in the economic growth process in Nigeria. Time series data ranging from 1970 to 2009 was used and the study employs unit root testing, co-integration analysis and VAR Granger Causality/Exogeneity Wald Tests to analyze annual time series data from Nigeria....

The liquidity problems that appeared on the interbank money markets during the financial crisis caused an increased volatility of the interbank interest rates, especially after September 2008. Banking institutions from the Euro zone have avoided the mutual funding, which resulted in a reduction...

In order to test the existence of Thirlwall’s law for Turkey during the period of 1980-2008, bounds test approach to cointegration is applied. The empirical results suggest that Thirlwall’s law holds for Turkey. This study also suggests some policy recommendations to curb the deficits in the...

The paper implements the Autoregressive Distributed Lag (ARDL) approach to cointegration to test the Harberger-Laursen-Metzler (HLM) effect in the context of Bangladesh. The HLM effect predicts that a rise in terms of trade from an exogenous shock to a small open economy will lead to an...

This paper tests the causal relationship between electricity consumption per capita and gross domestic product (GDP) per capita for Brazil, India, Indonesia, China and South Africa for the period 1971–2009. To reach this goal, we use panel cointegration analysis and Granger causality tests....

This paper investigates causal links between economic growth, oil consumption and natural gas usage in Poland on the basis of quarterly data for the period Q1 2000 – Q4 2009. The application of the Toda–Yamamoto procedure, a nonlinear Granger causality test, bootstrap techniques and an...