Related Papers
Journal of Economics Bibliography
Causal linkages among money growth, inflation and interest rates in Ghana
2019 •
Ernest Amankwah
The Exports-Growth Nexus. An Econometric Investigation for Greece.
Theodoros I Papadopoulos
Interactions of Monetary Policies in South East Europe in a European Monetary Union Context. A Global-Vector Autoregressive Model
2018 •
Petros Golitsis
This thesis discusses the interactions of monetary policies in the South-eastern European Countries (SEEC) in a European Monetary Union (EMU) context, by modelling via a Global Vector Autoregressive Model (G-VAR) the interdependencies arising between the member states and the related financial institutions in the region. The EMU and its relation to monetary or economic policy interactions has been heavily and effectively researched by numerous researchers including, indicatively, the Nobel laureate Mundell (1961) who theoretically and empirically considered and examined the effects of monetary and fiscal policies coordination on real output, interest rates and exchange rates with the aim of increasing the benefits that could arise from an optimum currency area (OCA). A G-VAR model for South-Eastern Europe (SEE), however, has not been applied and foreign exchange reserves have not yet been considered within such a contextual framework. There is a gap to fill in on the theoretical and...
Studies on the Economy of Papua New Guinea
2013 •
Eli Direye
Impacts of Macroeconomic and Money Market Variables on the Performance of the Financial Sector
Buadi Barachel
The dynamic interrelationship between interest rate and macroeconomic policy objectives: Case of the United Kingdom
2019 •
Dr Azzouz ZOUAOUI Ksa
Abstract. The objective of this study is to provide empirical evidence on the short- and long-run relationships between the short-term interest rate, London interbank offered rate (LIBOR) and macroeconomic policy objectives, such as price stability, economic growth, and stability of the exchange rate market. For this purpose, we deploy quarterly frequency data from the United Kingdom between 2000 and 2015 and adopt a multiple regression model. Furthermore, this study uses the Johansen, Stock-Watson cointegration test and the Granger Causality test in order to examine the dynamic short- and long-run relationships among LIBOR, the consumer price index as a proxy of price stability, the real gross domestic product as a proxy of economic growth, and the exchange rate as a proxy of exchange rate market stability. The results showed that all variables have the same order of integration and long-run equilibrium relationships exist between them. The results show evidence of long-run equilib...
Is Southern African custom union an optimum currency area
2015 •
Thapelo Rametsi
Banks' Financial Intermediation and Economic Growth: Less Developed Countries' Perspective
Ikechukwu Acha
The study examines the link between the intermediation activities of banks and the growth of the Nigerian economy. This was motivated by the economic growth functions assigned banks by the regulatory and monetary authorities and the presence of opposing strands of literature and empirical studies suggesting that banks do not cause economic growth. The study, therefore, investigates this relationship using 1980-2008 data obtained from the Central Bank of Nigeria. Descriptive research methodology was used in conjunction with inferential statistics of correlation and regression analysis. To ensure that regression results were not spurious, diagnostic analyses to test for stationarity was carried out on the variables using Augmented Dickey-Fuller (ADF) unit root test. Furthermore, to ascertain the presence of long-term relationships among the variables, Johansen cointegrating test with the Trace and Eigenvalue statistics were adopted. To correct for the short-run disequilibrium among variables, the Error Correction Mechanism (ECM) was used. Finally, in order to determine whether a causal relationship exists between financial intermediation by banks and economic growth and the direction of such a relationship, the Granger Causality test was used. The results reveal that financial intermediation by banks is a poor predictor of economic growth in Nigeria and that no causal relationship exists between them. It was therefore suggested that since the poor predictive power of financial intermediation proxies implied the presence of more influential factors like infrastructure, electric power, road network, portable water and education that government should pay more attention to the development of these. Attention should also be paid to lowering lending rate and stabilizing inflation as these were identified to have adverse consequences on the economic growth.
THE EFFECTIVENESS OF CREDIT ON TOBACCO OUTPUT IN ZIMBABWE (1990- 2018)
BINDURA UNIVERSITY OF SCIENCE EDUCATION FACULTY OF COMMERCE DEPARTMENT OF ECONOMICS THE EFFECTIVENESS OF CREDIT ON TOBACCO OUTPUT IN ZIMBABWE
2020 •
wilson mapurisa
This study has examined the effectiveness of credit on tobacco output in Zimbabwe over the period 1990 to 2018. Time-series data were collected from the Tobacco Industry and Marketing Board (TIMB), Reserve Bank of Zimbabwe's publications and Zimbabwe Statistics Agency (ZIMSTAT). To check the stationary of the series ADF and Phillips Perron (PP) unit root tests have been applied. The results of ADF tests revealed that all variables become stationary at first difference which confirms to co-integration test. Furthermore, Johansen Co-integration test has been used to examine the long-run relationship between the dependent and independent variables; therefore, the Johansen Co-integration test revealed that; there exists a long-run relationship among agricultural credit distribution and tobacco output. The associated vector error correction model was estimated to obtain short-run elasticity's. More so, Granger Causality approach has been used to determine the direction of the long-run relationship between credit and tobacco output. The results showed that the coefficient of credit is significant at all levels of significance, which indicates that there is a strong positive and significant long-run relationship between credit and tobacco output. This means that a 1% increase in agricultural credit will enhance tobacco output by 0.64%. Granger causality suggests that there is a bidirectional causality relationship exists among agricultural credit and tobacco output.
Exchange Rate Pass-Through To Import Prices in Ghana
Peter Boamah Otokunor
The effectiveness of the exchange rate regime and inflation targeting policy heavily depends on the extent of the relationship between import prices and exchange rate movements. The study estimates the extent of the exchange rate pass-through to import prices by modeling the import prices, exchange rate, foreign prices and interest rates through a Vector Error Correction Approach and using the Impulse Response approach to estimate the responsiveness of import prices to changes in exchange rate. We find a significant relationship between import prices and exchange rate in the long run; indicating a long-run exchange rate pass-through to import prices of 0.284. We contend that the high exchange rate pass-through can be attributed to the fact that importers are likely to pass-on to consumers’ increases in cost as result of exchange rate depreciation, thus the resultant increases in import prices levels. And recommends that, policy-makers’ aim at stabilising exchange rates and interest rates.
