[PDF] Top 20 Financial Cointegration and the Vector Error Correction Model: The Case of MENA Countries

... Modern portfolio diversification theory affects the level of financial market integration through gains from trade liberalization, massive foreign capital inflows, and barriers restriction. These results have two ... See full document

... the error correction model to investigate the foreign exchange reserves accumulation in China from 1950s to ...use cointegration method and Granger causality test to find that foreign exchange ... See full document

... the case that financial liberalization and its effects on economic growth and development has been an area of considerable ...between financial liberalization and reduction of ...that ... See full document

... and financial reforms, and explains how these reforms supplemented one another to promote greater market and export ...and cointegration suggests that both anti-export bias reduction and import-GDP ratio, ... See full document

... member countries such as Indonesia, Malaysia, Philippines, Singapore, Thailand and ...panel vector error correction model (VECM) through the latest version of ...One ... See full document

... hand, financial and monetary markets play a vital role in directing existing funds in economy toward producing and industrial sectors to improve economic ...expanded financial markets are driving force of ... See full document

... of error correction term (ECT) for GDPPC equation was significant only for China indicating significant adjustments towards long run equilibrium in any disequilibrium ...in case of ...In case ... See full document

... 3 cointegration relationships between the 3 variables in the 3 ...3 countries, the vector error correction model will be ...VECM model is the determination of the ... See full document

... (poor) countries and continued to play a multifaceted role in financing their development ...seeking financial aid from Arab countries as well as international donors to help narrow its ...Johansen ... See full document

... of cointegration was introduced by Granger and Lee ...linear cointegration model and linear vector error correction model (VECM) might be inappropriate for testing the ... See full document

... that cointegration findings are not conclusive in the case of Malaysian ...Johansen cointegration test and no cointegration was ...Johansen cointegration method was applied on ...on ... See full document

... applying cointegration tests and error correction models for all the countries in our ...Only countries with at least twenty ... See full document

... between financial development and economic growth has been a key study in economics field for a long ...between financial development and economic growth in 7 Sub-Saharan African countries - Nigeria, ... See full document

... causality approach. Annual time series data on India for the variables exports and GDP per capita stemming from 1980 to 2012 were used in the analysis. The tests on the long run and short run relationship between exports ... See full document

... variables) Vector Error Correction Model (to determine long run relationship among the variables) Wald test (test for short run) and Granger Causality test (to detect the direction of ... See full document

... all countries obtained from the World Bank, whilst real income is measured in US dollars at 1995 prices based on purchasing power parity; and the electricity price is measured in US dollars per kwh; population is ... See full document

... In countries, like Bangladesh non-financial assets are used as money ...the financial markets are developing with increased deregulation and financial liberalization in the country since ... See full document

... between financial sector development and economic growth in South ...developing countries very few similar studies have been carried out in Sub- Saharan countries which include South ...Africa. ... See full document

... ficance, in particular, the estimates will be biased and the results of hypothesis tests will be invalid. This is the problem of spurious regression which was first reported back in 1926 by Yule. In order to confirm ... See full document

... this model though, it is inappropriate for this study due to not explicitly incorporating human capital ...Solow model which include human capital as an additional explanatory variable to physical capital ... See full document