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Tytuł:
Economic Freedom and FDI: Co-Integration Analysis
Autorzy:
Corekcioglu, Selim
Powiązania:
https://bibliotekanauki.pl/articles/1013713.pdf
Data publikacji:
2020-12-30
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
foreign direct investment;
time series;
economic freedom;
Opis:
These days, economic growth is very important for all countries and this article will discuss the main factors associated with this problem and propose some possible solutions which can be implemented. The importance and relationship of foreign direct investment, economic growth and economic freedom are presented and evaluated by considering literature, and a long run relationship between foreign direct investment and economic freedom in Turkey is empirically analysed in the article. The time period covers the years 1996 to 2018. The data has been obtained from the World Bank and from theHeritage Foundation database. The analysis is based on the time series analysis. An Augmented Dickey-Fuller test hasindicated that the variables are not stationary at levels, but they are stationary at the first difference. The Johansen test hasshown that variables are co-integrated, which means that they move together in the long run.
Źródło:
Research Papers in Economics and Finance; 2020, 4, 3; 37-45
2543-6430
Pojawia się w:
Research Papers in Economics and Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Water demand time series forecast by autoregressive distributed lag (ARDL) co-integration model
Autorzy:
Telfah, Duaa B.
Louzi, Nawal
AlBashir, Tala M.
Powiązania:
https://bibliotekanauki.pl/articles/1841955.pdf
Data publikacji:
2021
Wydawca:
Instytut Technologiczno-Przyrodniczy
Tematy:
autoregressive distributed lag
ARDL
co-integration
forecast
Jordan
municipal water demand
Opis:
This article examines the short- and long-run effects of water price, system input, income, temperature on domestic water demand for Amman area over the period of 1980–2012. An empirical, dynamic autoregressive distributed lag (ARDL) model for water demand is developed on a yearly basis. This approach is capable of testing and analysing the dynamic relationship with time series data using a single equation regressions. Results show the ability of the model to predicting future trends (short- and long-run association). The main results indicate that water demand in limited water environment is partially captured in the long-run by the amount of water reaching the customer. The short- and long-run elasticities of water price (–0.061, –0.028) and high temperature (0.023, 0.054) indicate inelastic behaviour on water demand both in short- and long-run, while the lagged water price has a significant effect on demand. Income represented by gross domestic product (GDP) slightly affects water consumption in the long-run and insignificantly in the short-run (0.24, 0.24). Water consumption is strongly linked to consumption habits measured by lagged billed amount 0.35, and is strongly linked to amount of supplied water both in short- and long-run (0.47, 0.53). These results suggest that water needs should be satisfied first to allow controlling water demand through a good pricing system. Moreover, the association identified between demand and water system input, and the lesser elasticities of water price and other explanatory variables confirm the condition of water deficit in Amman area and Jordan. The results could be rolled out to similar cities suffering scarce water resources with arid and semi-arid weather conditions.
Źródło:
Journal of Water and Land Development; 2021, 50; 195-206
1429-7426
2083-4535
Pojawia się w:
Journal of Water and Land Development
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Government expenditure and service sector growth in Nigeria
Autorzy:
Nwosa, Philip Ifeakachukwu
Tijani, Semira Olajumoke
Powiązania:
https://bibliotekanauki.pl/articles/522453.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Co-integration
Government expenditure
Service sector performance
Opis:
Aim/purpose – This study aims at examining the contribution of government expenditure on service sector growth in Nigeria for the period 1970 to 2017. The service sector and government intervention are vital to economic growth of any country, hence this study. Design/methodology/approach – The study utilised the co-integration and the error correction modelling techniques. The study also conducted the stationarity tests. Findings – The regression estimates showed that government expenditure had negative and significant impact of service sector growth in Nigeria. Research implications/limitations – The implication of the findings of this study is that government expenditure over the years has not contributed positively to enhance the growth of the service sector; the study therefore recommends the need for completion of various abandoned and on-going infrastructural projects, such as road construction, water provision and electrification projects, which are vital to the growth of the service sector. Moreover, the government can through the monetary authority issue directives deposit money in banks to give loans at a reduced interest rate to investors in the service sector. Originality/value/contribution – This study has been able to show that there is the need for greater financial commitment of the government in order to improve the growth of the service sector.
Źródło:
Journal of Economics and Management; 2020, 40; 74-90
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Empirical Verification of Dynamic Dependences Between Productivity and Economy Openness. The Case of Visegrad Countries
Autorzy:
Wojciechowski, Liwiusz
Powiązania:
https://bibliotekanauki.pl/articles/2109178.pdf
Data publikacji:
2016-10-01
Wydawca:
Uniwersytet Pedagogiczny im. Komisji Edukacji Narodowej w Krakowie
Tematy:
co-integration
market openness
productivity
stationary
VECM
Opis:
This study analyses one of the main postulates of the Endogenous Growth Theory, that suggests that international trade openness is capable to speed up growth-impacting productivity. ADF stationary tests, Johansen co-integration test and Vector Error Correction Model (VECM) procedures are applied on a yearly data set covering the period 1995-2014. Data for individual V4 countries were also compared with EU-15 benchmark. The main finding of the paper is that for all V4 countries there exists a long term relationship between economy openness and labour productivity and in case of Hungarian economy in the Granger sense - causality is one-directional and runs only from productivity to openness. It suggest, that the Endogenous Growth Theory in this case is no longer supported nevertheless further and deeper investigation is needed. Although huge differences in case of openness between V4 countries exist, strong positive linear correlation with productivity is observed. Also disturbing secondary result of conducted research is that however convergence in case of productivity between V4 and EU-15 is observed, assuming the current rate of catching-up (apart from existence of saturation level of productivity), EU-15 and V4 average productivity would equal in 6 decades.
Źródło:
Przedsiębiorczość - Edukacja; 2016, 12; 149-162
2083-3296
2449-9048
Pojawia się w:
Przedsiębiorczość - Edukacja
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Energy consumption and economic growth linkage: Global evidence from symmetric and asymmetric simulations
Autorzy:
Ali, Wajid
Nathaniel, Solomon Prince
Adekunle, Ibrahim Ayodaye
Kumar, Bezon
Powiązania:
https://bibliotekanauki.pl/articles/15803490.pdf
Data publikacji:
2022-06-30
Wydawca:
Uniwersytet im. Adama Mickiewicza w Poznaniu
Tematy:
energy consumption
economic growth
NARDL
co-integration
Opis:
The literature reveals that linear models do not accurately represent the asymmetric relationship between economic growth and energy consumption (EC). To fill this gap, we examined the asymmetric relationship between EC and economic growth in a non-linear panel autoregressive distributed lag (ARDL) framework of 85 countries as a whole sample and of Brazil, Russia, India, China, and South Africa (BRICS), the Next Eleven, Big Four in Western Europe, Asia-Pacific region, Group of Seven, South Asian Association for Regional Cooperation (SAARC), Economic Cooperation Organization (ECO) and the Arab League as a sub-sample analysis from 1977 to 2014. A second generational unit root test has been applied to check the problem of cross-sectional dependency. Asymmetric contegration was employed to analyse the co-integration between the variables of interest. Long-run and short-run estimates have been calculated using the non-linear panel ARDL method. Results indicate that positive shocks to energy use tend to have a growth-enhancing effect in ECO and the Next Eleven while in the rest of the regions, the effect is growth con- traction. Moreover, economic recovery from a positive shock to energy use is the case in the Arab League, Asia-Pacific region, Group of Seven and in the whole sample. However, a negative shock to EC is observed in the Group of Seven, Asia Pacific region, Big Four in Western Europe and ECO, and the whole sample worsens the economic contraction. We can deduct from this study’s results that information on the asymmetric relationship between the subject variables is needed to design sound economic policy decisions across different economic regions.
Źródło:
Quaestiones Geographicae; 2022, 41, 2; 67-82
0137-477X
2081-6383
Pojawia się w:
Quaestiones Geographicae
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The validity and time-horizon of the Fed model for equity valuation: a co-integration approach
Autorzy:
Mercier, Fabien
Powiązania:
https://bibliotekanauki.pl/articles/565654.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
arbitrage
stock
earning yields
Fed model
Opis:
Investors do arbitrage between bonds and stocks. The so-called “Fed model” asserts that comparing the level of the earnings yields of stocks to the nominal government bond yields is relevant when assessing the relative values of the two asset classes, and their prospective returns. A conceptual problem with this model is that it compares a real quantity, the earning yield, to a nominal one, the government bond yield, thus implying that economic agents suffer from money-illusion. The merits of the Fed model as an indicator of stock returns is still very controversial. In this article we try to quantify the scope of the Fed model by employing appropriate techniques of co-integration to validate, or invalidate, the Fed model. More precisely, we study the validity of the model geographically and using different frequencies in order to determine its potential time horizon. We obtain the following results. First, the Fed model is very limited in scope and in time: of the 21 pairs of countries and stock exchange indices tested, only three are potential candidates for the Fed model: the US, Italy and Mexico; in the US, the Standard and Poor’s 500 confirms the model, but only from 1980 to 2000. Second, for the Standard and Poor’s 500 from 1980 to 2000 the validity of the Fed model is confirmed, for a time horizon of one week or more for predicting the earning yield on stocks and a time horizon of one month or more for the nominal yield on bonds. Third, from 2000 onwards the long-term relationship between earning yields and nominal bond yields becomes inverted, and the Fed long-term relationship does not help predict any of the two variables compared to a simple vector autoregressive model (VAR). Overall, the evidence for the relevance of a linear long-term relationship between nominal US bonds yields level and the earnings ratio of broad stock indexes appears very weak, even when this relationship is allowed to vary over time, with a structural break somewhere in 2000 with an inversion of the relationship. In most cases, assuming and estimating a possible long-term relationship between earning yields and nominal bond yields does not improve the forecasts as short-term dynamics dominate.
Źródło:
Journal of Banking and Financial Economics; 2015, 1(3); 24-49
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Estimation of the price elasticity of petroleum products consumption in Ukraine
Autorzy:
Galchynskyi, Leonid
Powiązania:
https://bibliotekanauki.pl/articles/22444419.pdf
Data publikacji:
2020
Wydawca:
Instytut Badań Gospodarczych
Tematy:
petroleum product market
elasticity
volatility
model
co-integration
Opis:
Research background: The analysts of the petroleum product markets of industrial countries believe that the elasticity of demand varies at different periods, which gave rise to the hypothesis that behavioral and structural factors have changed the consumers? reaction during the last few decades, with a change in prices of petroleum products. Purpose of the article: The purpose of this article is to study the elasticity of demand and prices in order to identify changes in consumer behavior in the oil market after significant socio-economic shocks and to establish a correlation between changes in elasticity and price volatility, with the Ukrainian petroleum products market as an illustrative example. Methods: Based on the time series of the petroleum product market of Ukraine, static and dynamic models for assessing the demand elasticity were constructed. It was found that the time series of demand for petroleum products is non-stationary but then the time series of the first differences is stationary according to the extended Dickey-Fuller test; further, the fact of co-integration between time series of consumption, income, and prices was established by the Johansson test. This made it possible to construct co-integration dependence, allowing, in turn, the development of models for assessing the elasticity of demand for petroleum products, on the basis of which objective assessments of changes in consumer behavior were established. Analysis of the monthly calculation of petroleum products? price volatility during the period 2008 to 2018 has showed that the values of volatility increased abnormally in the period between the beginning of 2014 and the middle of 2015. The estimates of price and demand elasticities obtained for the two periods up to the beginning of 2014 and the second half of 2015 differ significantly from the values of the corresponding elasticities between the beginning of 2014 and the middle of 2015. Findings & Value added: Assessments of income elasticities and price elasticities for petroleum products in the Ukrainian market were obtained by three co-integration models, both short and long term, for each of the three previously defined time intervals. In one of them, characterized by a high level of price volatility conditionally referred to as a crisis, the value of elasticities differed markedly from the corresponding values in the other two periods, in particular, -0.383 for price elasticity and 1.068 for a long-term bond. In the other two periods, these were, respectively, 0.543 for price elasticity and 0.274 for long-term pre-crisis elasticity, and -0.470 for price elasticity and 0.235 for long-term post-crisis elasticity. Appropriate elasticity estimates were obtained for both the short-run and the dynamic model, for the same defined intervals. A comparison of these estimates showed the closeness of the values of elasticities for the pre-crisis and post-crisis intervals and a marked difference from the estimates of the elasticities in the crisis interval. Thus, it was found that a significant change in elasticities is accompanied by an increase in price volatility.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 2; 315-339
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Cointegration analysis in the Central European spruce timber market
Autorzy:
Kożuch, Anna
Powiązania:
https://bibliotekanauki.pl/articles/2067428.pdf
Data publikacji:
2021
Wydawca:
Sieć Badawcza Łukasiewicz - Instytut Technologii Drewna
Tematy:
wood economics
timber market
timber price
market co-integration
Opis:
The oversupply of spruce timber in Central Europe reduces softwood prices, compromising the profitability of forest holdings. To date, relationships between Central European timber markets have been relatively little studied; the same is true of the factors affecting roundwood price variability and fluctuations in that region. An understanding of changes in those markets and linkages between them is important not only for forest owners and managers, but also for companies in the wood sector. The present work describes market analysis in terms of long-term correlations between the Austrian, Czech, Polish, and Slovak markets (cointegration analysis). Cause-and-effect relationships between the analyzed markets were verified using the Granger causality test. The Engle-Granger and Johansen cointegration tests revealed a long-term equilibrium between the analyzed spruce sawlog markets, except for Slovakia. Bidirectional causality was found between the Austrian, Czech, and Polish markets. However, there was no evidence for the integration of pulpwood markets, which indicates their independence.
Źródło:
Drewno. Prace Naukowe. Doniesienia. Komunikaty; 2021, 64, 208; 119--133
1644-3985
Pojawia się w:
Drewno. Prace Naukowe. Doniesienia. Komunikaty
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Effects of climatic variability on cassava production in Nigeria
Autorzy:
Sowunmi, Fatai Abiola
Adeyemi, Oluwaseun Temitope
Bello, Abeeb Adetunji
Powiązania:
https://bibliotekanauki.pl/articles/1891923.pdf
Data publikacji:
2020-11-08
Wydawca:
Uniwersytet Przyrodniczy w Poznaniu. Wydawnictwo Uczelniane
Tematy:
cassava production
co-integration
agro-ecological zones
climatic variables
Opis:
Climate change has brought about irregularity in pattern and intensity of climatic variables such as rainfall and temperature that are important in crop production; making planning in agriculture difficult. The importance of cassava in the diet of Nigerian and its industrial use necessitate the need to examine the effects of climatic variability on cassava production. Secondary data obtained from Nigerian Meteorological Agency (NIMET) were used for the study. Analysis of Variance and Error Correction model were utilized.  The study showed that the rainforest zone had the highest averages of annual rainfall (1709mm) and relative humidity (82.1%) while the Sahel savannah had the highest mean annual temperature (35.3oC). The variability in annual rainfall and relative humidity was low in the rainforest zone. The study showed that the rainforest zone had the least dispersion of average annual relative humidity (2.06%) while the guinea savannah had highest dispersion (4.68%). The average cassava output from the agro-ecological zones was 49,118,871MT per year. Rainforest and guinea savannah accounted for 56.3% and 41.9% of total cassava output respectively. There were significant variations in the climatic variables (rainfall and temperature) among the agro-ecological zones but not significant among the years (p>0.05).  The annual rainfall and solar radiation were the factors that influenced cassava output in all the agro-ecological zones. The need for affordable irrigation by cassava farmers and the adoption of Climate-Smart Agriculture are recommended to boost cassava production in Sudan savannah and Sahel savannah.
Źródło:
Journal of Agribusiness and Rural Development; 2020, 57, 3; 327-335
1899-5241
Pojawia się w:
Journal of Agribusiness and Rural Development
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Modelowanie wpływu nierówności płac na wzrost gospodarczy
Wage Disparities and Economic Growth
Autorzy:
Kumor, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/574833.pdf
Data publikacji:
2008-08-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
wage disparities
economic growth
Lorenz ratio
co-integration analysis
error correction model
Opis:
The paper looks at the key economic and social factors that lead to wage disparities and at the same time contribute to economic growth. The author evaluates the influence of wage disparities on Poland’s economic growth in 1985-2006. Kumor measures the uneven distribution of wages with the Lorenz concentration ratio, and he also uses research methods such as a co-integration analysis and an error correction model. The analysis has confirmed the existence of a long-term cause-and-effect relationship between employment, investment, wage disparities and GDP growth.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2008, 225, 7-8; 43-61
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-10 z 40

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